Intraday correction stalls ahead of the 100 day MA.
As reported earlier, the USDJPY moved above the 100 day MA. That MA would be eyed as a risk level (after the initial correction after the break failed). Looking at the 5 minute chart, the correction off the high stalled at 109.019 - just above the 100 day MA at 108.97. Buyers remain in control. The price trades to new session highs at 109.188.
The 50% of the run higher today now comes in near the 100 day MA level at 108.978. That increases the levels importance.
The 109.28 is a topside trend line target on the hourly chart now (see chart below). A move above is the next step for the buyers.
The 50% of the move down from the November 2017 high comes in at 109.664. That would be the next target (see daily chart below).
