100 hour MA at 1 of 5.519
The USDJPY held support on the North American session dip against its 100 hour moving average (blue line) at 105.519. The low price reached 105.53 before rotating back to the upside. If the price can stay above its 100 hour moving average and 200 hour moving average (green line in the chart below), the buyers remain in more control.
Taking a broader look at the hourly chart, apart from a minor squeeze to the upside above a swing high area between 105.66 and 105.74 on Wednesday last week (failed quickly), and a more significant moves to the downside below a swing area between 105.25 and 105.20,
(which also ultimately failed), the pair has traded between 105.20 and 105.74 over the last 8 or so trading days.
It will ultimately take a move above 105.74 (topside yellow area and red numbered circles and stay above) to break the up and down non-trending pattern, with a more bullish technical break.
A move below the 100 and 200 hour moving average (below 105.469) to tilt the bias more to the downside with traders then looking for swing low targets from last week starting with 105.40 the next target to get below and stay below.
