USDJPY buyers attempt another move above 155.00
USDJPY breaches the 155.00 level once again. The first break reached 155.164, but then turned quickly to 154.76 minutes later.
The price has retraced higher and is now once again above the 155.00 level as buyers continue to push. The high just hit 155.10.
The good news for the buyer is that although the upward movement is slow and unstable, the downward corrections have helped maintain support near the ascending 100 hour MA (blue line on the chart above ). These support bounces help increase the importance of the moving average going forward. By staying above the 100 hour MA, buyers have more control.
In other words, sellers, after the upward movement, must prove that they can regain control. Not being able to go below the 100 day moving average (and then the 200 hour moving average currently at 154.413) is NOT taking back control. Look at the 100 hour MA as a short-term barometer for the USDJPY pair.
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