A few dips below the line in Asian Pacific were quickly ignored
Keep an eye on the trend line in the USDJPY hourly chart for intraday trading clues. The price has been tracking the line (which started on October 19th) with a few single bar dips below, that were quickly reversed. In the current hourly bar, the price held support against the line at 104.78.
Stay above and the buyers remain in control. The highs for the day (at 105.11) and from yesterday (at 105.23) will be eyed. The 105.17-54 is a key area on the weekly chart to monitior going forward (see post here)
Move below and 104.62 (38.2%) and then the 200 hour MA at 104.467 is the receipt of currently, become targets.
