Moving away from the 100 day MA
THe USDJPY is moving to new session highs and tests the 109.00 level. That is also home to the 61.8% of the move down from the November 7 high. In the process, the pair is also moving away from its 200 day moving average at 108.909. That level will now be a close risk level for longs. Stay above is more bullish. Move back below and the upside momentum may start to fade (with more downside expected).
The pair is trading at the highest level since November 18. A move above looks toward the 109.066 high from last week, and then the 109.144 level. The high price from the month of November comes in at 109.482.
