The USDJPY is taking another run above the 155.00 level. The first break reached up to 155.164, but then rotated quiicly to 154.76 minutes later.
The price has chopped back higher and is now above the 155.00 level again as buyers continue to push. The high just reached 155.10.
The good news for the buyer is although the move higher is slow and choppy, the corrections lower have been able to hold support near the rising 100-hour MA (blue line on the chart above). Those support bounces help to increase the moving average’s importance going forward. Staying above the 100 hour MA and the buyers are more in control.
Putting it another way, the sellers after the move to the upside have to prove that they can take back control. Not being able to get below the 100-day moving average (and then the 200-hour moving average currently at 154.413) is NOT taking back control. Watch the 100-hour MA as a short-term barometer for the USDJPY pair.
This article was written by Greg Michalowski at www.forexlive.com.
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