USDJPY breaks above its 100 hour MA and trend line
The USDJPY has made a break above its 100 hour MA at 109.559 (blue line) and a trend line on the hourly chart near the same level. That is a bullish play. Staying above the level keeps the bullls in charge (it is risk for longs as well).
The run higher has stalled so far in the swing area defined by the highs this week at 108.769 to 109.825. The high today reached 109.795 so far – between that swing area. A move above that area will have the 200 hour MA at 10988 and then the 38.2% and the swing highs from May 10 at 110.01-045 to get above. So there are some resistance land mines to get above, but breaks above would help to turn the beat around if down.
So bulls are trying to take more charge on the breaks today, but there is work to be done. Look for dips toward the 100 hour MA to find buyers (with stops on a break below). The hope is that the low is in and the aforementioned levels can be busted at some point….