USDJPY trades to new highs extending back above its 100 hour moving average

100 hour moving average at 114.240. Now risk again.

Yesterday, the USDJPY fell sharply, and in the process moved below its 100 hour moving average at 114.24 currently (blue line). That MA did a good job of holding support in the early Asian session, and moved down toward the next target at the 200 hour moving average (green line in the chart below). That moving average currently comes in at 113.86. The low price today reached 113.871.

The move to the upside off the day's low did find resistance again at the 100 hour moving average initially. However over the last hour or so, the price has broken above that moving average level, and has seen buying momentum. The current price trade at 114.36.

In the short term intraday, the trading bias is more bullish above the 100 hour moving average. That moving average is now close risk for intraday longs. Stay above is more bullish. Move below and there will be disappointment on the break back above.

On the topside, the 114.44 is the next target to get to and through. That level was swing highs from October 15, October 18, and again on November 1. On Tuesday's trade, the price moved back above that level, but fell below it during yesterday's trade.  Like the 100 hour moving average, getting above would be more bullish and have traders looking toward the October 20 high at 114.691. Remember that was the 2021 high before the break on Tuesday. The November 2017 swing high is not far from that level at 114.729.

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November 19, 2021 at 02:12AM
Greg Michalowski
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