Corrects 38.2% of the last leg higher
The USDJPY is keeping the bullish trend move going in trading today.
Overall, there have been two legs higher so far.
- From 119.79 to 120.729. That move higher stalled before the 200 day MA at the 120.797. The correction lower stalled near the 38.2% of that move higher at the 120.37 (the corrective low came in at 120.351).
- From 120.351 to 121.19. The 2nd leg higher stalled at the 121.19 level and corrected around 38.2% at the 120.87 level (the low came in at 120.856).
The pair has been able to stay close all the bars today above the 100 bar MA on the 5 minute chart ( blue line in the chart above). The current 100 bar moving average comes in at 120.813 and rising.
The buyers remain in control. There is still a chance for continued upside momentum on a break of the day highs. The next target comes in at the 121.40 area where highs from August 27 and an intraday swing high on August 31 were made (see chart below), followed by the August 28th high at 121.725.
