The USDJPY in the last days of trading for 2014, fell below the 100 hour MA (blue line) and then the 200 hour MA (green line). The pair got close to the 38.2% of the move up from the December low at the 118.802 level (the low extended to 1118.85). Profit takers entered and pushed the price higher on New Years Eve
USDJPY gaps above the 200 and 100 hour MAs
Today, the price has gapped above the two moving averages? Are the shorts caught? I would expect that buyers will now use the 100 and 200 hour MAs (at 120.02-09 as a level to buy against on any dips. A move above the 120.812 should solicit more buying momentum.
