USDJPY bounces off trend line and ahead of 100 hour MA. Back near close from yesterday.

Technical Analysis

Author: Greg Michalowski | usdjpy

Intraday ceiling at 105.919

The USDJPY moved lower into the North American opening but as the price tested a lower trendline connecting lows from yesterday and today (see green numbered circles), and the the price got closer to the rising 100 hour moving average (blue line in the chart below) currently at 105.582, the sellers turned to buyers and the price has moved back to the upside (see 

Intraday ceiling at 105.919

The price rise as taken the pair back toward the close from yesterday near 105.83. The current price is trading at 105.842. On the topside there is a ceiling from highs yesterday afternoon and today near the 105.919 level. Get above that and the 106.00 level and traders will be looking toward the highs yesterday at 106.22.

On the downside watch the 105.76 level for close support. That was the swing hi going back to February 5. It was also near the low from yesterday's trade. Stay above keeps the buyers in control intraday.
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