Forex technical analysis: USDJPY extends above topside trend line
Moves away from 100 hour MA
The USDJPY has moved above a topside trend line and in the process is moving away from the 100 hour MA. The price in the early NA session traded above and below that MA as better ADP sent the price, but a widening trade deficit took some of the steam out of the pair.
A rebounding stock market in the US has also helped although major indices are now in the red. The Nasdaq did go positive for a short while.
Can the break of the trend line hold support now at 106.11, and head toward the 200 hour MA (green line) at 106.407? Do we fail and retrace back toward the 100 hour MA for another retest at 105.91?