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USDJPY moved back to the 100 hour MA on risk-on flows


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Stocks recover and so does the USDJPY

The USDJPY fell to a swing target area at 111.93-985 (see post here) and found buyers.

The bounce higher has gotten an extra push over the last hour, as 

  • stocks recovered nearly all of the morning declines (2% falls) AND 
  • the price cracked back above the 200 hour MA (green line in the chart above at 112.298)

On the break of the 200 hour MA, the sellers against the level, turned to buyers. The price scooted to the next target at the 100 hour MA (blue line at 112.488).
We are seeing sellers leaning against that MA at the moment. In the new day, it will be risk/bias defining level. If broken (get above the 112.53 level), there should be more upside momentum.   Stay below and traders will see if the 200 hour MA finds the buyers for a continuation of the push higher. 
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