The price is consolidating near the lows. Boosted to 200 hour MA as stocks rebound
The USDJPY has been getting close to the 200 hour MA over the last few days. Yesterday, the close earlier today, cut closer and currently, the price is the closest to the 200 hour moving average since breaking below way back on December 18, 2015. The pair is being helped by a rebounding stock market. If the price momentum there can continue, a break above has a change. As long as the equities don't head back into negative territory, traders in the USDJPY should look to buy dips against the 100 hour moving average at 117.718. A move above the 200 hour moving average would next look toward the highs from yesterday and then the 118.64 to 118.815 area. This has been a topside ceiling for the pair of the last week and a half of trading.
