Tests March high at 122.01
The USDJPY sliced through the 100 day MA and lower trend line support on the 5 minute chart and buyers at the support, are not slowing to ask questions. They are getting out...
The pair is currently testing the next target at the 122.02 level. This was a swing high back in March. Back in December another swing high came in at 120.636. In July, the price fell below this old ceiling and tumbled toward trend line support. The current trend line is at the 121.40 level now. This would be the next target off the daily chart (see chart below).
Traders will now use the 100 day MA as topside resistance. Look for sellers on rallies toward this level now.
