The USDJPY rallied hard in the early US session with the pair moving from a low near 150.00, above the 200-hour MA at 150.77 and then up to the high of a swing area between 151.17 to 151.33. Just above that is the 100-hour AM at 151.268. The high price today reached 151.238 and backed off.
The subsequent move took the price to 150.86 which is right near the broken 38.2% of the November trading range.
What next?
Well, the range has been set.
- The 200-hour MA is support at 150.775.
- The 100-hour MA is resistance at 151.268
There is also the 38.2% at 150.86 and the high of the swing area at 151.23, but the MAs are probably, the levels to eye.
Yesterday the sellers were in control. Today, the buyers have the reigns and are trying to wrestle more control from the sellers. However, getting above the 100-hour MA is still needed if those buyers are to take more control over the wild USDJPY pair.
This article was written by Greg Michalowski at www.forexlive.com. Source