USDJPY tests 100 hour MA. A move above would be more bullish

Technical Analysis

Author: Greg Michalowski | usdjpy

Support at 108.44-47 stalled the fall

The USDJPY is up retesting the 100 hour MA at 108.63. Recall from an earlier post, that the 108.44-47 was a support target on the downside. That area could not be broken. 

Support at 108.44-47 stalled the fall

The sellers turned to buyers and the price has moved back to the 100 hour MA (blue line at 108.632).  The price did briefly move above that MA in the London morning session but could not keep the momentum going.  

The buyers and sellers had their shot today and each could not get (or stay through) the next target levels - the buyers above the 100 hour MA and the sellers below the swing area at 108.44-47.  

We wait for the break and momentum. The buyers are getting close to the next key target at the 100 hour MA. Can they push the price through that resistance level - and then stay broken?  

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