USDJPY finds sellers vs the 100 hour MA
The USDJPY has drifted higher and in the process has tested its 100 hour moving average at 108.674. Earlier today, the pair held support against its low price from last week at 108.422. I spoke about that risk defining level in an earlier post (click here). The level did in fact hold support and the price moved higher.
Also as mentioned in the post, "the falling 100 hour moving average at 108.678 will be the hurdle that would give dip buyers more confidence". It remains a hurdle as traders leaned against the level on the first look.
The story remains the same, the dip buyers will gain more confidence on a break above the 100 hour moving average (and staying above). For those traders looking for a place to sell the USDJPY, against the 100 hour moving average is certainly an option.
