USDJPY dip holds above the 100 hour MA

The USDJPY moved lower in the US session but after getting within 11 pips of the rising 100 hour MA. THe price has since bounced back to 157.84 currently as the buyers remain in firm control. THe last time the price tested the 100 hour MA was back on December 17 adn Deceember 18 before the FOMC rate decision. That decision helped to subsequently push the price higher .

Yesterday a new high going back to July 17 was reached. The price also moved into a swing area on the daily chart between 157.66 and 158.86. The area is wide but it is home to a number of swing level. If the buyers are to take even more control and potenially make a run to the high for the year at 161.94, getting and staying above that level is required.

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