Holds support nicely
The USDJPY is higher on the day after the FOMC hike yesterday. The pair is consolidating around the 100 and 200 MAs on the 4-hour chart at the 122.43-49 area. A move above and away from this area is needed to kick start the next push higher. Failure... and traders may look to take the pair back down to test support against what was a low floor going back to early November at the 122.20-29. Earlier today, the correction to that area, found support buyers (the low came in at 122.215). So buyers passed the "buy on the dip test" and remain in control. The 122.71 area and then 123.00 are the next upside targets for the pair today on a continuation.
Looking at the 5-minute intraday chart, there is some closer support against the 200 bar moving average. The USDJPY tested this MA on 4 separate occasions in trading here today, and held on each test(see chart below). The 100 bar moving average (blue line in the chart below) is also at the level.
