Ceiling at 107.00
The USD/JPY is looking to test the 2-day ceiling....again. The ceiling also comes in at 107.00 which is a nice round natural level to stall. The pair tested that level yesterday on 4 separate bars (within 4-5 pips), and backed off. Today the price has gotten within 4 pips of the level on 5 separate hourly bars including the current bar.
A move above will have traders looking toward the 100 day moving average at 107.212. The price moved briefly above that moving average back on June 30 (and back below it the next day). A move above should increase the bullish bias for the pair.
