Taking out technical levels
Earlier I wrote on the USDJPY and commented how the pair re-established support against a lower trend line (click here). The price has been able to march higher since then. Helping is a more favorable stock market which has the S&P up about 11.5 points or 0.53%. The Nasdaq is up about the same percentage (+0.55%).
Technically, the pair has now moved back above the 200 hour MA (green line), the 100 hour MA (blue line) and the 50% of the move down from the weeks range. That level comes in at 101.816 - the same level of the 100 hour MA. The next target comes in at the 101.98 - let's make it 102.00. A move above that level keeps the fire burning for the bulls.
The tide started to turn at the re-established trend line. The bullishness is getting stronger on the break of the MA's. Get above the trend line and things will be looking even better.
