Low reached at the opening
The USDJPY opened at the low and moved higher since that time. The opening was below the 200 hour MA (at the 124.20 level at the time - see red shaded areas). The opening took the price to 124.092. An hour later, the price has moved above the MA level and the rally ensued.
The 100 hour MA was the next hurdle and that was broken in the London/European morning session (see price action in the chart above). The 100 hour MA is currently at the 124.537 level and if the buyers are to remain in control today, that MA line will be the line to watch. The price action is more two way at the highs.
The price for the USDJPY remains near the highs for the month (at 125.05) and year (125.85). Those levels remain upside targets to get and stay above. Other encouraging action from the bullish perspective, is that the price is above the 124.30-46 area (see daily chart below). There were three highs in June and July in that area. IN August, the price has been above and below the area - moving back below on the wild Friday trade. However, the price is back above currently. Has the selling run it's course?
