The USDJPY is trading to a new session high as some dollar buying enters into what has been a very quiet open to the new trading day.
For the USDJPY, the price dipped into a swing area between 144.038 and 144.447 reaching a low of 144.225, but could not go any further and rotated back to the upside. Getting above 144.447 again, gave the buyers more confidence and they have pushed the pair up toward 144.83.
On the topside, the falling 100-hour moving average at 145.181 is the next key target.
Recall that last week on Thursday and Friday, the price did trade above the 100-hour moving average (see blue line on the chart above), but could not keep the momentum going toward the 200-hour MA (green line on the chart above) Sellers ultimately pushed back below the MA and probed the downside.
If the buyers are able to get above the 100 hour moving average, traders would start to look toward that 200 hour moving average as the next key target.
As the USD moves higher vs the JPY, it is also moving higher versus the AUD, and NZD as they extend to new session lows as well.
There is no real headline news. Sometimes the markets just get tired from going nowhere.
This article was written by Greg Michalowski at www.forexlive.com.
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