Converged 100 and 200 hour MA give a level to lean against by sellers
The USDJPY fell toward the 50% retracement earlier in the day and found early buyers against the level at 107.03. The buying was able to extend above a swing area at 107.317-36. Sellers turned to buyers. The price has run higher.
However, the pair is currently testing a key barometer level for buyers and sellers at the converged 100 and 200 hour MAs. They come in at 107.63. The sellers have another place to lean. Stay below, keeps the sellers in control. Move above and the squeeze higher is likely to continue.
