Tests trend line and 100 hour MA support
The USDJPY fell initially on the flight into the JPY after the terrorist attack in France. That move lower took the pair below trend line support which was then reversed by the time European traders arrived. The push higher has extended above topside trend line and the 100 hour MA which contained the rally on Friday. Technically, that trend line and 100 hour MA break is bullish. Can the levels hold support? The trend line is currently being tested at 122.89. The 100 hour MA is at 122.850.
More patient buyers should show up at the 200 hour MA (green line in the chart above at the 122.606 level). A move higher will target the highs going back to November 9. They include 123.19, 123.43 and 123.595.
