Up a little on the day after drop earlier
The USDJPY closed yesterday at 113.72. We have just moved up to a new session high at 113.867 and are currently trading at 113.79. So up on the day by a few pips at least.
Earlier in the day (Asian session), the price fell. That move took the price below the 100 hour MA (blue line in the chart above), but the price fall did find support buyers against a trend line on the hourly chart at 113.32. The low reached 113.33. That low was also above a cluster of support at the 113.248 area. The 38.2% retracement and three separate swing lows from Oct 20-24 came in near that level. So good support held. Buyers against the level have been rewarded with the move back higher.
What now?
Admittedly, the price of the pair has traded above and below the 100 hour MA at 113.687 now. It is hard to trust it as a launch point, but traders will still be watching. The current hourly bar has bottomed against the level (kinda grasping though).
Looking at the 5 minute chart, the ups and downs are showing (the market is unsure). Its 100 and 200 bar MAs are at 113.61-63 and the price is above those levels. I guess a move below those MA levels would not be good for the buyers.
