Price smashes through upside targets
The USDJPY is now tracking above its 200 hour moving average at 104.40. That is the latest break as the pair surges to the upside. Prior breaks is all the price initially move above its 100 hour moving average (blue line) at 103.892. The swing area between 104.063 and 14.094 was another level as was the high from Thursday at 104.21. The swing low from November 16 and a swing hi from November 17 came in at 104.36.
The pair started the day NY session with a 19 pip trading range. Lesson 4 hours later, the range is now up to 88 pips. The average over the last 22 trading days is at 68 pips.
The next upside target comes in at the 50% retracement of the move down from the November 11 high (that was the high for the month). That level comes in at 104.659. Close risk now is the 200 hour moving average at 104.40, down to the swing level at 104.361. Stay above that level keeps the buyers in control.
