Stay above MAs and swing area is bullish
The USDJPY is not going anywhere today (the range is only 16 pips after all), but the risk levels are all in line.
What is the trading bias for the pair.
Looking at the hourly chart above, the bias remains to the upside for the pair.
The price moved above the 100 (blue MA line) and 200 hour MAs (green line) back on January 8th, and the price has not moved below those levels since that time. The 100 hour MA is at 110.055. The 200 hour MA is at 109.916 (and moving higher). Stay above keeps the bulls/buyers in control.
Another area of importance to the downside is the 109.675 to 109.723 area. That area (yellow area in the chart above) is home to swing levels going back to early December. The price moved above on January 13 and stayed above since that time.
So the risk levels are all lined up. As long as they are not broken, the upside can be explored further this week.
