USDJPY soars above 200-day MA, unlocking bullish potential

The USDJPY broke above its 200-day moving average at 143.07, and the break of that level has seen upside momentum.

Going forward, it would take a move back below that 200-day moving average to negate the technical break. There is some minor upside target area between 143.929 and 144.09 (above and below 144.00). However, the next major target would come against the 38.2% retracement of the move down from the November high. That level comes in at 144.698. The mid-December high comes in at 144.948 (call it 145.00) is also in play.

Those are the main targets but only if the 200-day MA can now hold support.

Buyers are making a play. Will the corrective price action seen over the last few days of trading continue? The break of the 200-day MA is a key tell that the buyers are taking back control.

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