Forex technical analysis: USDJPY works its way to its 200 hour MA. Key level

Technical Analysis

Author: Greg Michalowski | usdjpy

On Wednesday the MA stalled the rally

The solid US jobs report has the USDJPY pushing higher. 

Technically, the 100 hour MA was busted at 110.39 on the report.  The low correction after the initial surge could only get to 110.47.  Buyers showing their hand.   The 200 hour MA looms ahead at 110.825. The price got close to the 200 hour MA on Wednesday, but backed off (110.975 high vs 200 hour MA at 111.015).  The high today reached 110.77.  The price needs to crack that MA level to put give the buyers more love.  Watching the 110.618 level as close support (swing low from July 24).  A move above that level will shift the focus to the 111.00 area. The 50% of the move down from the July 26 high comes in at the level. The high from Wednesday stalled just short of that level too.  

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