USDJPY snaps back higher after break of 200 hour MA fails

The USDJPY fell below the 200-hour MA earlier today (see earlier video HERE). That MA is the green line in the chart above.

That break was the 1st break below that moving average since June 14. Buyers should have turned to sellers, but momentum could not be sustained.

As a result, buyers have turned to sellers and forced the price back toward the higher 100-hour moving average at 144.558 (blue line on the chart above). The price of the USDJPY has reached 144.56 – just a touch above that MA level.

The price will now have to get and stay above, the 100-hour moving average at 144.558, and the downward-sloping trend line near 144.657. The high for the day reached 144.73.

All this was the game plan for the day at the start of the US session (see video). Can the buyers now push more to the topside, and get above the targets. If done, traders will start to look back to the high from last week, and the highest level since November 11, 2022 at 145.06?

Recall that high at 145.06, entered a swing area going back to a 2022 swing area from 144.984 to 145.90 (see daily chart below). however, the move into the area was short lived and the price started the modest correction lower.

This article was written by Greg Michalowski at Source