Bounced off the 200 hour MA earlier
The USJPY is up testing the 100 hour MA at 110.60. The high from Tuesday is also near that level at 110.646 as is the underside of the broken trend line (at 110.59). Lots of overhead resistance and so far, sellers are keeping a lid on the rally.
The move higher today, was a reversal after an earlier decline. That fall was a continuation of the fall from yesterday, helped by the weaker Retail sales data, but when the pairs price tested the 200 hour MA (green line currently at 110.22), sellers covered/new buyers leaned and the price started the rebound.
Key test now on the corrective move.
