Above 100 and 200 hour MA
The USDJPY is trading at new session highs and moving little by little away from the 100 and 200 hour MAs at the 120.62-66 area. The price moved back above those MAs in the NY session and has remained above. The key target above remains the 200 day MA at the 121.028 level today. The price moved above that MA last week and and the week before as well, but each time above, the price reversed back down. Friday, the price moved right to the Oct 23/26th highs and reversed.
If the price is to go higher this week - and trend away from the converged MAs - that MA needs to broken and stayed broken.
