USDJPY tests 100 hour MA and bounces
The USDJPY tested the support at the 100 hour moving average which currently comes in at 99.84 and bounced (low 99.86). The corrective high has taken the pair up to a high of 100.17. The correction could extend up to the 100.25 level. The 100 bar MA on the 5 minute chart comes in at the 100.38 level currently (downward sloping). The pair has been using the Moving Average as resistance on the way down (since 100.85 break at 1 in the chart below). Watch the moving average for clues.
Remember the 200 day MA comes in currently at the 99.26 level. Short term intraday bias remains down. However, the bounce off the 100 hour moving average is encouraging which gives it a positive bias as well. So really neutral. Watching what happens at the 100 bar MA on the 5 minute chart.
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