Moves above 200 hour MA
The USDJPY has been marching higher in trading today. The price waffled above and below the 200 bar MA on the 4-hour chart at 112.758. The price then based against the MA line and shot higher.
The move to the upside has taken the price above the 50% target and the 200 hour MA at 112.886 and 112.97 respectively. The current hour has seen the price trade above and below the 200 hour MA. The high price has extended to 113.03.
The 200 bar MA on the 4-hour was a ceiling over the last 4-days of trading. Moving above and basing against it was bullish.
Moving above the 50% is more bullish as well. I like to think of the 50% as a wall to get over. That wall defines bullish on one side and bearish on the other. The market did not have a lot of trouble getting above that level.
The 200 hour MA is another hurdle to say above. Like the 50%, it confirms the bullish intent of the market.
I would put risk for longs at the 50% now. Stay above is more bullish. Move below....and the buyers today, might look to square up.