The 100 hour MA and swing area stalls the fall
The USDJPY moved lower yesterday with the overall dollar bearishness. The price approached the swing high going back to July 27 along with the rising 100 hour moving average (blue line), and the combination helped to slow the fall. Today, the price action had been confined with the 100 hour moving average providing support along with a swing area between 110.35 and 110.418.
The last few hours have seen a move to the upside and further away from the aforementioned support. A new high at 110.54 was printed in the current hourly bar. The current price trade around 110.49. The next target on the topside would be the swing high from July 23 at 110.587. Above that traders would target the 110.68 area and the high from yesterday and July 7 near 110.80.
Support held. Stay above the rising 100 hour moving average and swing area between 110.35 and 110.418 keeps the bias tilted more to the upside.