USDJPY bounces off the 100 hour moving average

Meanwhile as Chair Powell testifies, the Forex markets are motion. Looking at the USDJPY, the pair did move lower on the comment from the Fed Chair of a 25 basis point March hike, but has since rebounded higher.

The move of the move lower, was helped by traders leaning against its rising 100 hour moving average at 115.243 (blue line in the chart above).

After that level held support, the pair has seen a bounce back higher toward 115.50 currently. The high price for the day has reached 115.59 so far.

Technically, the 61.8% retracement of the move down from the February 10 high cuts across at 115.597. Get above that level and traders will start to target the highs from this week and last week between 115.685 and 115.761. Move above those levels and the door opens up for further upside momentum

On the downside, the 50% midpoint of the same trading range comes in at 115.369. Below that, and the obvious support target comes in against the 100 hour moving average at 115.243.

The successful bounce against that level has increased the level's importance going forward. A move below would have traders targeting the 200 hour moving average of 115.097.