USDJPY reverses to trend line target and high from yesterday. The story remains the same...

Technical Analysis

Author: Greg Michalowski | usdjpy

Above the 100 and 200 hour MA.

Earlier the USDJPY fell below the 111.75 level and the next target at the low from yesterday was on.  With thoughts of the break outside what has been the "red box" of consolidation leading to lower levels, there was the 111.64-65 area as the last line of defense. 

Above the 100 and 200 hour MA.
Sorry... A break was not in the cards.  Sellers have been buying on steps higher since.

The last move has taken the price back above the 100 and 200 hour MAs and up to the topside trendline. If the low from yesterday was a target, the high from yesterday is also a target at 112.028. Get above and the path is paved up to the highs all the way up to 112.159 (a whole 13 pips).

When will we get a break and run.  The sellers looked to want to run with it earlier. Now the buyers are making a similar attempt.  

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