Forex technical analysis: USDJPY moves toward 100 hour MA target/test

Technical Analysis

Author: Greg Michalowski | forex-technical-analysis

Back to where the market broke yesterday

The USDJPY is moving toward the 100 hour MA.  Recall from yesterday's trading, in the Asia-Pacific session, the pair fell below the 100 hour moving average, retested it, and then proceeded toward support against the 50% retracement at 111.959 and the 200 hour moving average at 111.97.  The low reached 111.984.  

Since the bounce off the 200 hour MA, the price in the pair has waffled up and down with an upward bias. The last few hours has seen more of a move higher, and the pair has moved toward that key 100 hour MA (blue line ) at 112.502. 

The high price has stalled at 112.48. Sellers seem to be leaning on the test as risk can be defined and limited.  Stay below and the sellers remain in control. Move above and look for the sellers to reverse and turn into buyers. 
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