The USDJPY pushed above the 100 hour MA (blue line in chart above) and did not stop until it reached the 200 hour MA at the 78.978 level (green line – high reached 78.953). The price has rotated back down and looks toward what was resistance as now support.
The 78.60 level (38.2% of the move down from the May 22nd high -see chart above) and the 50% of the sprint higher today (see yellow area in chart below) is a key level to hold on the correction. Look for buyers against this level. Below, the 100 hour MA at the 78.456 level is the last line of defense for buyers. A move below this level discredits the sharp move higher this morning, and will likely soar the mood for the longs.
