100 hour MA holds the line
Earlier today, I outlined the case for USDJPY traders to patiently wait for an extreme. Below was support against trend line, 100 hour MA, 38.2% and a lower trend line. The advise paid off as the buyers did show up at the 100 hour MA (blue line in the chart below), but it took time and that led to the MA moving higher to meet the decline. SO the MA came in at 122.833. The low reached 122.844. That was close enough and the price rebounded to a high so far of 123.00.
Although the impact in pips is minor (only 10-16 pips), the traders at the lows, had little risk and have great trade location. If the future brings increased upside (the next topside target is 123.28 now), the bang for the buck from being patient, worked out just fine on a slow day in the pair.
