Price fall reverses back above 100 hour MA and swing area
The USDJPY reversed earlier declines in the process moved back above its 100 hour moving average at 106.857. Better construction numbers and ISM data helped reverse the pairs fortunes (and reverse "risk off flows a bit").
The price is also moved above the swing area at 106.91 to 106.988.
The moves have muddied the waters (made them more murky for buyers and sellers technically) for what was a trend like move lower coming into the North American session.
The midpoint of the week from the Monday high at 107.618 to the Wednesday low at 106.353 comes in at 106.986 (not shown). We are currently trading around that level. The price is also between the 100 hour moving average below at 106.857 and the 200 hour MA above at 107.227 (currently - and moving lower). We could see trading center between those levels now.
Friday's can be a wildcard. The start of the North American session was certainly bearish with target levels below (, see earlier post here). However the reluctance for the stock market to head sharply lower and better-than-expected data (although still weak) gave some relief. The trading waters, as a result , have become a little more murky for both the bulls and the bears.
