The price is back above the 50% of the move down from the February 20 high
The USDJPY has traded about 300 pips from the low to the high today. The move to the upside has made some important technical strides:
- A topside trend line was broken and stayed broken. Yesterday, the price moved above and below the level
- The 200 hour MA was broken again and on the corrective test, the price based and moved higher. Yesterday, the moves above that moving average could not be sustained.
- The latest hurdle was getting above the 50% of the move down from the February 20 high. That level comes in at 106.695. The last 2 hourly bars have remained above that level.
Going forward the 50% retracement is close support now for traders. Stay above and the bulls remain in full control.
Targets on the topside include the:
- March 5 high at 107.735
- The 61.8% retracement and topside channel trendline at the 108.00 area
- The 200 day moving average at 108.235
Above the 200 day moving average are swing highs from March 2 March 3 near the 108.532 and finally the 100 day moving average at 108.923.
Stocks getting ready to open. The news today is good and should be supportive for the pair
