Trades above its 100 hour moving average at 113.781

The USDJPY as moved higher with the overall USDs run to the upside in early US trading. The pair has now broken above its 100 hour moving average at 113.781, and tests its 200 hour moving average at 113.909. The high price just reached 113.915 and is stalling a bit.

Trades above its 100 hour moving average at 113.781

Moving above the 100 hour moving average is a tilt to the upside. However, getting above the 200 hour moving average will help to confirm the break (if it can then stay above). On a break, the downward sloping trendline on the hourly chart above cuts across at 114.08. There are swing highs near 114.203. The high for the week from Tuesday's trade reach 114.307.

The low for the week occurred yesterday at 113.25. That was just above the 38.2% retracement of the move up from the October low at 113.211.

Overall, the pair since October 12, has traded between 113.211 and 114.691. In between - and since October 21 - the price has been waffling above and below the 100 and 200 hour moving averages (blue and green lines) as buyers and sellers battle it out for control.

During that time, most of the price action has been below the 200 hour moving average. As a result getting back above it would be a step in the more bullish direction at least in the short term for the USDJPY pair.

Although yields are higher which helps the USD and the USDJPY, the US stocks are trading lower in premarket trading as Amazon and Apple shares weigh on the Nasdaq index in particular. That can be a negative (all things equal) for the USDJPY pair at times.