Eases into the weekend
The USDJPY moved above the 100 hour MA at the end of yesterday's trading. That was the first look above since June 1. The Asian Pacific session chopped around - making new highs to the 61.8% of the weeks trading range in the process - but has closed below the 100 hour MA for the last 13-14 hours. The NY session high stalled at that 100 hour MA, keeping a lid against that level (the London morning session also used that MA to lean against).
Having said that the downside momentum has slowed as well with trend line support holding the lows. This week the pair opened at a low and immediately moved higher. The low yesterday breached that Monday low but momentum could not be sustained and the NY PM session saw the price move above trend line resistance. The correction off the low was about 100 pips, but now traders are wondering what next? That will likely be answered next week, there are some levels to lean against and use for clues.
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