100 hour MA and trend line stall the rise (for now at least)
As per an earlier post, the USDJPY moved to a key resistance target(s) and stalled. The 100 hour MA and trend line has done the job stalling the rallies last week and on the first look today, traders were ready to lean against the levels once again. The 100 hour MA is at 110.909. The trend line is at 110.94. The high reached 110.932 so far.
The price decline is still modest. The close from Friday was around the 110.82 area. A move below that level would give the sellers against the resistance, some comfort on the sale. Stay below would target the 38.2% of the last move higher. Failure to get back in the "red" could see more upside toward the 50% at 111.125 (see hourly chart).
The JPY crosses are also moving sharply higher. The pair are mostly above the close from Friday after being down sharply earlier in the day.
