Forex technical analysis: The USDJPY inches closer to the 200 day MA

Technical Analysis

Author: Greg Michalowski | usdjpy

A close above 120.60 would be the highest close since August 31

Is the USDJPY logjam loosening up?  Earlier I commented on the fun facts for the USDJPY and mentioned the high close since August 31 came in at 120.60. Well we are above the 120.60 level.  The 200 day MA is the next fun fact hurdle to get to and through. That level was broken on 5 separate occasions in September - each failing.  



Traders don't take rejections well. So they will keep a wary eye on these levels.  Burned a number of times and you start to distrust "the market", but with US employment still showing signs of life and Japan trade earlier this week showing weakness, the fundamental story is more on the buy side. It has been a long time since there was a meaningful break. Could be around the corner...(but keep a distrusting eye just in case).

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