Intraday ceiling at 108.707. The 200 day MA is at 108.296
The USDJPY moved higher in early Asian session but has been consolidating in an down and up and down market around the 200 day moving average over the last 12-13 hours of trading today. The 200 day moving average currently comes in at 108.296. The current price is trading right around that level. It remains and intraday bias barometer.
On the downside a lower trend line at 108.13 is the potential support target. Move below and the corrective move higher over the last few days starts to break down with the 38.2% retracement at 107.683, along with a swing area at 107.72-96 (low yellow area) as the next support target.
On a move higher away from the 200 day MA, traders have built a ceiling at 108.707. Get above that level and the combo 100 bar MAs (100 day moving average at 109.98 and the 100 hour MA at 109.049) would be targeted. On Friday, the pair broke below its 100 day moving average and corrected up toward that level before rotating back to the downside.
