MA on the 4 hour chart being approached
The USDJPY has continued to move to the upside and in the process is moving closer to a test of its 200 bar moving average on the 4 hour chart (see green line in the chart above).
That moving average currently comes in at 107.692. The level is key for both buyers and sellers. We could see some selling/profit-taking from the trend like move today. However if the level was broken, I would expect further upside momentum (PS also watch the 107.75 level for bullish clues.
Drilling to the 5 minutes chart below, the 38.2 – 50% of the last leg higher (from 107.23) comes in at 107.50 down to 107.452. A upward sloping trend line cuts across at 107.42 (and moving higher. It will take a move below that corrective zone (see yellow area in the chart below) and trendline to hurt the bullish trend today.
Is at the end of the world for the buyers?
Not necessarily but it does muddy the waters for the intraday trend higher seen today
