Better US Factory orders gives a little bid

On Friday, the USDJPY moved above the trend line connecting the high from Jan 19th and Feb 15th. that break should have targeted the 114.95 high from Feb 15th level. It could only get to 114.75 and the price moved back lower.

Today we are lower but not by a lot. We are seeing a little bid after the Factory Orders data. The low today stalled near the 38.2% of the move up from last weeks lows. The 100 hour MA has been somewhat ineffective as the price has traded above and below it in trading today.

The close on Friday was around the 113.95 level. For buyers, getting and staying above that level might be an intraday hurdle for the pair. With the 114.00 and 114.06 level not far away as well. That seems like a logical area to get and stay above.

The buyers around the 38.2% are feeling lucky today for picking that low. If you are thinking higher getting and staying above 113.95 to 114.06 is what you want to see. If you like the selling side, I would lean in the 114.00-06 area on a trade. Do anything here? Not for me.

PS 113.399 is a key level below with the 100 and 200 bar MA on the 4-hour chart converged at that level. Keep in mind going forward if the downside is further explored.