US DJPY trades above its 100 day moving average
The USDJPY remained above a lower trendline and above the 100 day moving average. Both are near the 108.94 level. That area is important intraday barometer for both the buyers and sellers. Stay above and the buyers remain in control.
On the topside the 50% retracement of the move down from the March 25 high comes in at 109.309. The high price today did extend above that level to 109.373, but backed off. A move back above would open the door for more upside potential.
On a break of the lower trend line and the 100 day MA, would have traders first targeting the swing highs from 29 at the 108.707 area. The broken 38.2% retracements just above that level at 108.742. Get below that level and the falling 200 hour moving average (green line) at 108.542 and the 200 day moving average at 108.304 would be downside targets.
