...corrects back lower. Can the MA hold below?....
The USDJPY moved further away from the 100 hour MA ( blue line chart below) - helped by the solid durable goods report from the US - but the price has corrected back lower after the initial surge.
The 100 hour MA (blue line in the chart above) comes in at 112.35 and will be eyed as a key support/risk defining level now. The pair moved above the MA earlier in the day, but fell below in the London session. This is the 2nd look above. Traders will want to see the pair hold the line now on a correction and continue the move higher. If it cannot the upside break is in jeopardy and we could see come further downside pressure. If it holds, the 50% at 112.95 (and topside trend line) will be eyed as a potential target today.
