Seeing reaction around the 100/200 hour MAs
The USDJPY continues the ups and downs. The price action today initially moved lower, but reached a support area in the 107.309 to 107.359 area and bounced. The move higher has since moved above the 100 and 200 hour MAs at the 107.60-62 area. That is now support from a trading perspective. Stay above and the buyers can probe higher.
On the topside, the 107.88-94 is the higher extreme where most of the trading action has occurred since May 20. The highs from last week stalled in that area. If the price is to go higher, getting and staying above that area would be eyed by traders/buyers.
The battle is on as the stocks get ready to open.
