Topside trend lines and swing levels in play to the upside. Price is moving away from its 100 and 200 hour moving averages
The USDJPY as made a move to the upside with new session highs being made. The move higher has taken the price away from its near converged 100 and 200 hour moving averages at 107.66-68. The price it did move above a trendline at 107.78. There is another trend line coming in at 107.96 currently. Above that and swing highs from April 13, April 16, and April 17 form a top at 108.077. Key level.
The 50% retracement of the move down from the April 6 high comes in at 108.146.
The price action has been down and up today and for the most part took clues from the 100 and 200 hour moving averages. Should those moving averages be rebroken, the bears/sellers would wrestle back control from the buyers. Stay above and the buyers will have more control in the market today.
