Break away from 100 hour MA
The USDJPY has moved higher in trading today - basing off of the 100 hour MA yesterday and trending higher in trading today. Traders now await the US retail sales and PPi reports.
Should the trend higher continue some key targets loom ahead. The 200 hour MA (green line in the chart above) comes in at 109.577. A break of that will next look toward the 109.92-977 (lets call it 110.00) where there was a swing low and high from April 5 and 6 and the 38.2% of the move down form the March 29 high (see low yellow area in the chart above).
Look for support against the 109.06 area.