MA converged at 111.15. 50% retracement also at the level.
The USDJPY fell back below the 111.57 level and has led to a wander to the downside. The 111.57 area corresponds with the high from March 23rd. The break above it yesterday saw more buying. Today at the high, the 38.2% at 112.163 stalled the rally (the swing low from March 21 also helped stall the rally at 112.25. The high reached 112.193).
The move to the downside, has gotten close to the converged 100 and 200 hour MAs. Increasing the levels importance is the 50% of the move up from the Monday lows this week is also at that level. Needless to say, that 111.15 level is key today and more importantly in early trading next week.
By the way, the close last week was at 111.28. We are within 10 pips of the level. So we are back to where we started
SUMMARY: So technically into the new trading week, the 111.15 level is key support. Stay above it and the buyers can build for another run higher. Move below and the 111.62-72 becomes the next target (see red circles in the chart above). Below that and there should be another run toward the 110.00 level. .
On the topside, I still like a move above the 111.57 level. If the price goes above that level, the 112.16-25 is the next key upside target to get to and through. Above that at the 112.80 (50%) will be eyed.
That is the trading plan and the key levels as we head to the close and look toward next week. We will see how the trading story plays out.