Highest level since October 2
The USDJPY is is trading at its highest level since October 2 and in the process is extending above its 200 hour moving average at 107.389. The pair is testing the 50% retracement of the move down since October 1 at 107.47. Close risk for buyers is now the 200 hour moving average.
The low in the New York session was able to stay above the swing hi from October 3 and in trading yesterday and earlier today at the 107.292 level (see earlier post today). Staying above kept the bulls more in control.
Although higher, the pair still has some key upside resistance against the 100 day moving average at 107.548 to get to and through.
