Technically the price moved above the 200 hour MA at 106.035 and buyers encouraged
The USDJPY has moved higher on better "risk on" tone today. Stocks are higher and so are yields.
Technically, the pair moved outside of an up and down range in the 105.92 to 106.395 range yesterday and again today. However, each of those dips failed. The one today, stalled at the 38.2% retracement level at 105.901 before moving back higher.
The pair did stall twice against the 200 hour MA (green line) before breaking higher today. That break, gave the buyers the go ahead to take the price higher. The 200 hour moving average currently comes in at 106.035 and will be a risk/bias barometer for the bulls and bears going forward.
The rally so extended to 106.30 area. We currently are trading just above those levels as the buyers are more in control. We are also now moving away from the 100 hour moving average at 106.227.
The pair is approaching the highs from Monday and Tuesday at the 106.38-395 area. Get above and traders will be looking toward the 106.63 to 106.77 swing high area (going back to August 13).
