Back above 200 hour MA
The USDJPY has been trading up and down today.
Is it the stock market gyrations? Perhaps.
Is it the dollars roller coaster? Perhaps.
Technically, the moves up and down have been somewhat random and quite frankly annoying. However, this is part and parcel with the overall market choppiness.
What I can say from a technical perspective is this:
- Except for the first few hours of the trading day, the price has been able to stay above the 100 day MA (blue line the chart above).
- On the 4 hour chart, the 100 bar MA (blue line in the chart below) and the 50% of the April trading range 119.67 is still in play.
Although the price of the pair has traded above the 119.67 level on two occasions today and failed. the combination of the levels makes me interested in the level going forward.
We are currently testing the level once again. So the market is no alert. Stay below and we could yet see another rotation down. Move above and there should be further upside potential. This time with more legs than what we have seen so far.
On alert.
