Pair rotate back toward 200 hour moving average
The USDJPY saw the price move lower on Friday and again on Monday after last Thursday's 17 pip trading range. The trend like moved to the downside (started on Friday), took the price back into the meat of the up and down range going back to September 23. That range was mainly between 105.167 and 105.80.
Yesterday, the low reached 105.236. That was within the lower swing area (between 105.167 and 105.257).
Today, the prices move higher on more dollar buying. The pair has just moved above the 38.2% retracement of the move down from last week's high at 105.567 and looks toward the 200 hour moving average at 105.643. Just above that is the 50% retracement at 105.669 and the 100 hour moving average at 105.724.
There should be some stall between the 200 and 100 hour MAs on further momentum to the upside, with stops on a break of the 100 hour MA.
