100 and 200 hour moving averages and the 100 day moving average are all in play in the USDJPY
The USDJPY shot higher with the dollar buying in the NY morning session.
The subsequent high price extended back above its 100 hour moving average at 109.368 and a swing area between 109.326 and 109.369.
The high for the day stalled near the 50% midpoint of the move down from the July 23 high at 109.651. That was also near the 100 day moving average at 109.582, but below its 200 hour moving average at 109.73.
The current price trade at 109.50. Given all the aforementioned numbers, that puts the price above the 100 hour moving average at 109.36, but below the 100 day moving average at 109.582. Those levels represent the close targets for buyers and sellers now.
Needless to say, if the prices to go higher, getting above the 100 day moving averages step one. Step two is getting above the 50% midpoint at 109.651 and three is getting above the 200 hour moving average at 109.731 (a hours open trendline also cuts near that level).
On the downside, breaking below the 100 hour moving average (and the swing area between 109.326 and 109.369), opens the downside.
The news was more bullish today from 10 AM on. However, there also has been some hesitation near technical levels. Profit-taking? Sellers against topside resistance? Just taking a breather?
Those questions will be answered on the next technical shove.