Moves away from the 100 day MA
The USDJPY has touched the 114.00 level now. Yesterday the pair moved above trend line resistance and the 100 day MA.
Today after testing the 100 day MA at 113.11, the pair broke above the 50% of the move down from the December high at 113.39 and raced higher. On the daily chart, the 114.63 is the 61.8% of the move down.
Looking at the 5-minute chart, there is a trend line that cuts across at 114.07. The lower channel trend line on the same chart comes across at about the 113.83 level. Follow the channel but the buyers remain in control and can continue to follow the topside trend line higher if the price remains above the lower trend line (the lines are rising).
