Price chopping above and below the 100 hour and 100 day MAs
The USDJPY is still awaiting a shove away from the 100 hour and 100 day MAs. The price has been chopping above and below those MAs this week.
The range for the week is only 109 pips (into the 4th day of the week) which is well down from recent price action. Last week, the range was about 180 pips. The prior week was around 400 pips and the week before at around 640 pips. The peak was during the week of March 8 when the range was over 730 pips.
Looking at the hourly chart, the 100 hour moving average is currently at 108.852. The 100 day moving average is 108.948. There is a lower trend line cutting across currently at 108.72. Getting and staying below that level would be more bearish and we should see a shove lower, with targets at 108.584 and 108.497 as the next targets with the 38.2% at 108.431 another downside target that would be a minimum target to get to and through IF the sellers are to take more control.
On the topside, above the 100 day moving average is a topside trend line at 108.995 (call 109.00). Getting and staying above that level would be more bullish, and we should see a shove higher. The high from yesterday came in at 109.10 and a swing high from Tuesday came in at 109.142. The high for the week was up at 109.373.
Currently with the price below its 100 day moving average for 9 straight hours and current price below the 100 hour MA, the sellers have the intraday advantage. That, however, is despite the rebound higher in the US stocks on the back of the latest Fed support program. The S&P is currently projected to open up 40 points. Watch the 100 bar MAs for intraday clues now as the price action converges and waits for that shove.
