100 hour MA and 100 day MA broken
As US traders entered for the trading day, the price of the USDJPY was respecting the 100 hour MA (blue line in the chart below) and remained below the 100 day MA currently at 119.259 (see prior post) There was a minor retracement but the price has shot up as stocks soar.
Technically, the big test of the 100 hour MA and the 100 day MA are yielding to the buyers as the price breaks above each. This has led to the sellers reversing and gives the pair a more bullish bias. I would look for the market traders to now use both the 100 day MA and the 100 hour MA as support/risk. Make a break above key technical levels and you expect them to hold support.
The targets above will now look toward the 119.405-45 area ( 38.2% and the high from Thursday). Above that the 50% and the 200 hour MA at the 119.65-678 to be the focus.
