USDJPY buyers are keeping control at least in the short and medium term. Stay above 155.00

As we head toward the end of trading on May 8 and look toward the beginning of trading on May 9, the USDJPY is keeping its buyers more in control. For buyers looking for more upside the 200-hour moving average at 155.45, and the 38.2% retracement of the move lower from the end of April high near 155.00 is now support. If the price is able to remain above those levels, the buyers remain in play/control at least in the short term.

On the topside, the 50% midpoint of the recent move down from the April high comes in at 156.029. That is the next major target to get to and through for the buyers.

This article was written by Greg Michalowski at www.forexlive.com.