Has not been above since February 8th
The USDJPY has had more of a steady move higher in trading today. The move higher has moved the price toward the 100 hour MA (blue line in the chart below) at 106.696. In the process, the price moved above a channel trend line. That line and the 100 hour MA are the first key tests of the corrective move higher.
On Friday, the price fall (the most recent leg started on February 2nd) fell below the lower trend line. That should have led to more downside acceleration. Instead, the break failed. The corrective move higher started.
The climb has been steady. I would not call it running away though. The test of the 100 hour MA is a key barometer for both the bulls and the bears. Get above, is more bullish. Stay below ant the sellers are still more in control.
ON more upside momentum, the 106.85 is the swing high from Thursday. Above that and the 107.31 is the low from 2017. The 107.426 is the 38.2% of the move down from the Feb 2 high.
