USDJPY moves toward 100/200 hour MAs ahead of FOMC minutes

Technical Analysis

Author: Greg Michalowski | usdjpy

Stocks come highs and drags the USDJPY lower

The USDJPY moved back toward the close from yesterday (at 110.59) after stocks reversed and a broken trend line stopped holding support (see chart below).  

Stocks come highs and drags the USDJPY lower

The pair is also moving back toward the 100 and 200 hour MAs before the FOMC minutes which will be released at 2 PM ET/1900 GMT.   

Those MAs come in at 110.585 and 110.526 respectively.  Traders will be eyeing those levels for the next bias clues.  Move below, would be more bearish.    Hold above and the bulls still hold onto the control.   PS. the price has not traded below the 200 hour MA (green line) since  Feb 1. That is a long time.  Hence the importance of the level as a bias barometer for traders.  

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