Afternoon drift to new highs
The USDJPY is continuing to inch up and is trading at new session highs. IN the process the price is getting closer to the 100 day MA (at 103.734 currently). The price of the USDJPY has not traded above the 100 day MA since early February 2016. As a result, there should be sellers leaning against the level with stops on a move above.
On a break, the September high at 104.322 becomes the next upside target.
Overall, the pair still sits in a two month range with a high at 104.32 and a low of 99.50 in August and 100.08 in September. However, in trading yesterday, the price moved above a trend line. Today we moved above 103.35-57 area. The low corrective price - after breaking above 103.35 - stalled at 103.41. That is more bullish.
So buyers remain in control, but we still have to respect the 100 day MA above....
