Also looks toward the 38.2% retracement of the week's trading range
The USDJPY has moved to the upside in trading today March 13 yesterday.
The move higher today has taken the price above a topside trend line. The momentum continue to the 38.2% retracement of the trend move down from the Friday corrective high just before the close. That retracement comes in at 105.292. The high price today came in at 105.286. Just above that level is the falling 100 hour moving average (blue line). At 105.325.
Since peaking, the price has retreated back toward the underside of the broken trend line where buyers halve reentered. We currently trade between the underside of the trend line at 104.94 end the falling 100 hour moving average at 105.325. The pair is at 105.11.
The buyers are trying to make a play but not getting very far. They still need to get above the 100 hour moving average to increase the tilt in their direction. Until then the market may continue to chop but the buyers are not winning
