The USDJPY has seen up-and-down price action today, and in the process, traded above and below its 100-hour MA at 144.26.
The most recent run has been to the upside and with that move, the price has moved back above the 100-hour MA. So going into the new trading day, the buyers are holding a little more control vs the sellers.
Having said that, the 38.2% of the move down from the November high comes in at 144.698. That high stalled the rally yesterday in the early US session. A move above it going forward would open the door in the new trading day (in the Asian Pacific session).
The video above, outlines and shows the key levels in play and explains what needs to be done to either increase the bullish bias or give sellers more control.
This article was written by Greg Michalowski at www.forexlive.com. Source