Should find sellers against on corrections
The USDJPY tumbled lower after the FOMC statement (and other ancillary data). The pair fell to the 100 bar moving average on the four-hour chart (blue line in the chart below)and has found a bid against that level. The price is moving up toward the old support level against the 120.73 – 81 area. This was where a number of highs were made in December, and early January 2015. There should be sellers against this area, with a stop above.
The USDJPY action is being influenced by the action in the JPY crosses. THe EURJPY and GBPJPY The US stock market has reversed and rocketed higher, with the NASDAQ up 38 points and the S&P showing a gain of 22 points currently.
