Forex technical analysis: USDJPY moves back above the 200 hour MA

Technical Analysis

Author: Greg Michalowski | usdjpy

Stocks move higher

The USDJPY has worked it's way back above the 200 hour MA. It is higher on the day as well (closed at 119.42). US stocks are back to the plus side, US bonds are lower to flat,  better initial claims data have helped the USDJPY (and the JPY crosses as well). The US employment report will be released tomorrow of course, so there may be an element of covering. Then again, the pair does remain in a narrow range so lets not get too excited.  

Nevertheless, the move back above the 200 hour MA has led to further upside momentum.  The fortunes, will likely rely on the stock fortunes today with a little help from the technicals. The price is testing/moving above the 38.2% of the move down from the week highs.  The 119.77 is the 50% of the move lower. The 100 hour MA is at the 119.87.   The 200 hour MA will now be close support in the traders market.
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