Pair looks to test 200 hour MA after bouncing off the 100 hour MA
The USDJPY took a tumble just prior to and after the London 4:00 PM fixing. The fall saw the price extend all the way down to the 100 hour MA currently at the 102.356 level. The low for the day came in at 102.344. Holds that line!.
The subsequent rally has been helped by short covering (it seemed like a low, end of month liquidity spiral) and a favorable stock market.
Technically, the price has moved to new highs for the week and new post-Brexit day lows. In addition the price has gotten to within 7 pips of the 200 hour MA at 103.356.
There should be resistance against the MA with stops above. Hold THAT line....too.
