Retraces back to Asian Pacific lows
The USDJPY gapped higher on the back of BOJ Kuroda weekend easing talk. The price moved lower off the gap and tested the 100 hour MA in the process (blueline in the chart below). The subsequent rally, did it's best to get above the 200 hour MA, but that failed and the London session has sent the pair back lower. Yes....we are back toward that 100 hour MA at 100.30. The upward trend line comes in at 100.25.
I would expect buyers to lean against the level on a test. The low in the early NY session stalled at the 100.312 so far.
Looking at the crosses, the EURJPY is trading at session lows At 113.42. The 100 hour MA is also being approached at 113.35 currently (see chart below).
