100 hour moving average, 200 hour moving average and 200 day moving average all broken near 105.46 today
The USDJPY has raced higher today. The pair close yesterday at 105.20. The early Asian session saw the price move up to test and then break a cluster of 3 moving averages including the 200 hour moving average, the 200 day MA and the 100 hour MA. All were centered around the 105.46 area. After basing against those moving averages for 5 or so hours, the buyers took the bull by the horns (i.e. the bulls/buyers took control) and the price started to run to the upside.
The pair moved up to a high price of 106.092. The pair currently trades at 105.976 after dipping back down to 105.90 after peaking at the high.
Close support will be eyed at 105.840. That was the high price from last Friday's trade. Other support comes in at 105.723. That is the 61.8% retracement of the move down from the February 17 high to the low reached yesterday. After breaking above that technical level today, the price stayed above it on the small correction lower.
On the topside, the highs from last week at 106.20 to 106.22 are on the buyers radar. Get above opens the door for further upside potential.
PS looking at the daily chart below, the 50% retracement of the move down from the June 2020 high comes in at 106.215. That increases the levels of importance from a technical perspective.
