New highs for the week. Runs into 100 day MA and 200 hour MA
The USDJPY earlier in the day, started to run into a cluster of resistance at teh 38.2% retracement, a downward trend line and the 100 hour MA. Close support was at the 107.42 level (See earlier post).
The price did move up to test the 100 hour MA but backed off on the successful hold to the 107.40 level (just below the 107.42 close support). From there the pair based and broke higher.
The "newer" break higher raced to the next levels defined by the 100 day MA at 107.799 and the 200 hour MA at 107.841. The price did stall there.
So in summary....the sellers tried at the lower resistance and failed to push below the support at the 107.42 (much... just 2 pips). Buyers reloaded and ran higher. We now have topside resistance at the next higher MAs. Support now at 107.52-609 (38.2% and the 100 hour MA). Resistance at 107.799-841 (100 day MA and 200 hour MA).
