Pair moves away from the 100 and 200 hour MAs
The USDJPY traded in a narrow 65 pip trading range last week. That was the 3rd lowest trading range since 2014. This week is off to a better start, with the range up to 20 pips already. After opening lower, the pair is trading higher now. In the process, the pair is moving away from the 200 and 100 hour MAs (green and bluen lines) at 108.37 and 108.442 respectively. Staying above those MA, give the buyers the advantage. The 108.80 high from last week and the 50% retracement at 108.864 are the next targets on the topside for the pair.
Also moving higher are the the JPY crosses.
The EURJPY - like the USDJPY - opened lower but has moved higher. The pair is currently testing the 38.2% and a topside trend line at 121.903. A move above, would open the pair for 122.00 and then the 122.158 area (swing levels and the 38.2%).
