Stay above the 100 hour MA will be eyed for short term trading clues
The USDJPY moved higher in the Asian session, consolidated during most of the London session, and is trying to move higher in the early New York session.
The price has extended back above its 100 hour moving average at 104.883 and seen the last 2 hourly bars close above that level. The price has come off of its high price. However if the correction off the high can stay above its 100 hour moving average, the buyers would maintain intraday trading control.
On the topside, getting and staying above the 105.00 level would have traders looking toward the 105.115 area which is home to the 200 hour moving average and the topside channel trendline. Get above that level should solicit more buying with the 50% retracement of the move down from the October 7 high (and the range for the month of October) at 105.219 as the next major target.
