The USDJPY opened up near its 200-hour moving average at 141.70 and did break below that moving average level and the 38.2% retracement of the move up from the July 28 low at 141.656. However, momentum cannot be sustained on the price of bounce back higher.
The pair is currently trading at 142.02. There is a swing area resistance top at 142.07. Move above that level and should open the door for further upside momentum with targets at 142.226 and then up to the 100-hour moving average of 142.745.
The sellers had shot below the 200-hour moving average again. On Friday, the price moved below that moving average only to fail.
This article was written by Greg Michalowski at www.forexlive.com. Source