Forex technical analysis: USDJPY tests 200 hour MA. Can it stay above?
Double top on the hourly. 100 hour MA stalls the fall.
The USDJPY just tested the 200 hour MA and is bouncing a little. That is close support for traders today. If broken, I could see a move back toward the 100 hour MA (blue line). Earlier, the price did break, and ran down to the 100 hour MA (blue line).
On the topside, the pair has a double top at the 106.60 level. Get above, would be more bearish.
Overall for today, the pair is higher and remains (is currently) above the 100 and 200 hour MAs (blue and green lines). That is bullish.
Can it remain so?
Can the price get above the intraday ceiling at 106.60?
Those are the questions (and risk/target level) for traders to build on. The 200 hour MA just held. That keeps the buyers in control.