What is key technically for the USDJPY as the new week begins

It is a holiday in Canada and a semi-holiday in the US (although all markets are open) as the 4th of July holiday is looming tomorrow. So activity nevertheless is likely to slow.

Nevertheless, the USDJPY is testing some key support defined by the rising 100-hour moving average. That level currently comes in at 144.383. The low price from Friday and again today stalled near that moving average level. The price has not closed an hourly bar below that level since June 16. The pair has been trending to the upside since the last major bottom on June 9 near 138.74. The high price on a Friday extended to 145.066 before rotating back to the downside.

In the video above I outlined the key technicals for traders as the new week gets underway. What level is most important? Watch and find out.

This article was written by Greg Michalowski at www.forexlive.com. Source