The USDJPY moved lower earlier in the day as yields dipped into negative territory. However, after falling below its 100-hour moving average, buyers did show up between the 100-day moving average at 147.597 and the 200-hour movie area at 147.675. The inability to move below those levels gave the buyers the go-ahead to move back to the upside, and the price has since moved back above its rising 100-hour moving average currently at 147.915.
What next?
In this video, I review the price action and outline the risks and targets ahead for this currency pair.
What we know is that the sellers had their shot. They missed. The buyers are back in control with the price above the 100-day moving average, the 200 hour moving average and 100 hour moving average.
This article was written by Greg Michalowski at www.forexlive.com. Source