Looks to test 100 hour MA
The USDJPY has now erased the earlier declines and trades to a new session high at 108.52. That level was a high from July 1. Yesterday the price stalled at that level for a few hours before breaking lower. The pair is also approaching the 100 hour MA at 108.568. The 108.52 to 108.568 should prove to be a tough level to crack.
As mentioned in an earlier post, the USDJPY stalled at the lows near the 50% retracement at 107.878. THe move in the NY session above the 200 hour MA and 200 bar MA on the 4-hour added to a more favorable intraday bias.
