Price remains above rising hourly moving averages
The USDJPY has moved to a new day high in the last hourly bar and in the process moved into the pre-cycle high ceiling area (ahead of the high at 109.357). That area comes in at 109.23 to 109.282. That area includes highs from March 9. On March 15, the pair moved above to the month and cycle high, only to fail. Subsequent highs, came in in the swing area as sellers leaned ahead of the high level.
Sellers continue to try and put a lid on the pair ahead of the high.
If they stall the rally, on the downside, the 100 hour MA comes in at 108.98. Yesterday, sellers had their shot below the level, only to fail and rotate back higher. Getting below that MA and then the 200 hour MA is needed to tilt the bias more to the downside for the pair. Failure to do that and the buyers remain in control. The price of the USDJPY has not traded below the 200 hour MA since February 24th when the MA was at 105.45.
