Friday was a big day higher.
The USDJPY was a big mover higher on Friday, and unlike the EURUSD which did all the move in the 1st minute after the stronger NFP report (see prior post), the USDJPY, kept the upside movement going.
Looking at the 5 minute chart the price action today was slower. This allowed the 200 bar MA to catch up with the price (green line). The trend buyers used that MA line as a support level to lean against on two separate occasions. The 100 bar MA (blue line) currently at the 123.43 has taken over as a closer support level now. Keep an eye on it. Stay above each of these MA lines and the buyers remain in control. Move below and the buyers may lose some of their upside interest (look for a further correction).
The daily chart (see below) is also showing that the pair has moved back above a broken trend line. Back in August, the correction higher stalled at the underside of the trend line. Today, there is a break. Can it hold and stay above today? There is room to roam with 1234.30-46 the next target area (see yellow area in the chart below).
The bull/buyers remain in control in this pair.
