The USDJPY is bouncing after starting the US session with a move below 100 hour MA and 50% retracement of the August range when both were near 145.53. The momentum continued down to the 200-hour MA near 145.21. The low reached 145.12 but ran out of downside momentum despite the break below.
The price has since moved higher and is currently trading at 145.845, and back above each of the aforementioned technical levels. The short-term shift in the technicals is now back to the upside after the sellers had their shot, and missed. The next upside target will look toward the broken 38.2% which is also near a swing level at 146.44 (see red numbered circles).
Buyers back in the drivers seat.
This article was written by Greg Michalowski at www.forexlive.com.
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