The USDJPY is trading to a new high for the day and looks to test the broken 38.2% of the move up from the September low at 150.18. Above that is the falling 100 hour MA at 150.368. The price gapped below the 100 hour MA back on November 25 (Monday) and corrected up to test that MA on the same day before reversing and trending to the low from yesterday’s trading at 148.64.
The move lower yesterday did reach and then breach the key 100 day MA (currently at 148.888) but could not stay below the MA and after moving back above, retested the 100 day MA one last time before heading higher.
The 100 hour MA will be the first key target test for the buyers. Get above, and they can claim a victory vs the sellers at least in the short term.
This article was originally published by Forexlive.com. Read the original article here.