USDJPY moves to a new session high

Technical Analysis

Author: Greg Michalowski | usdjpy

Looks to test 100 hour MA

The USDJPY has now erased the earlier declines and trades to a new session high at 108.52. That level was a high from July 1.  Yesterday the price stalled at that level for a few hours before breaking lower. The pair is also approaching the 100 hour MA at 108.568.   The 108.52 to 108.568 should prove to be a tough level to crack. 
Looks to test 100 hour MA

As mentioned in an earlier post, the USDJPY stalled at the lows near the 50% retracement at 107.878. THe move in the NY session above the 200 hour MA and 200 bar MA on the 4-hour  added to a more favorable intraday bias. 

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