USDJPY reaches the 200 hour MA/50%

Technical Analysis

Author: Greg Michalowski | usdjpy

The 38.2% held support on the intraday correction

The USDJPY got close to the 200 hour MA/50% retracement earlier in the day, but backed of. The modest correction took the pair back toward the broken 38.2% at 105.458 and found buyers. The move back to the upside reached 105.822. The 200 hour MA is at 105.836. The 50% is at 105.853.  Sellers leaned.  

The 38.2% held support on the intraday correction
We currently trade at 105.67- not quite between the 38.2% and 50%/200 hour MA, but off each.  The combination of the 50% and 200 hour MA tend to be a tough nut to crack.  They both represent a key technical level for bias. Being together increases the levels importance.  So far, the traders are respecting the combination (with stops likely on a break above).  

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