USDJPY trying to move higher off the BOJ liquidity addition. 90.33 support.
The BOJ added liquidity to the market today in an attempt to keep the engines of the economy going and the USDJPY continued to remain above the 100 day MA at the 90.09 level but the price has not been able to extend above the 90.72 level. The 100 hour MA is moving sideways at 90.50 and the 200 hour MA is moving up toward the same level at 90.33. The consolidation may continue but at some point soon, the market may look to make a break.
Looking at the longer term chart if the price can continue to remain above the 100 day MA at the 90.09 currently, the target would continue to be the 200 day MA at the 91.75 level (green line in the chart below). Watch the 100 hour and 200 hour MA below today to keep the bullish bias for the short term today (at 90.33 and 90.50) . IF those levels hold a move above the 90.72 would be the next bullish upside target for the pair with a break above paving the way for higher momentum.
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