Extends about 38.2% retracement of the last trend move lower
The USDJPY has been able to extend above its 100 hour moving average at 104.637 AND now the 38.2% retracement of the move down from the September 8 high at 104.905 and the high from yesterday at 104.89 (the price also moved above the topside channel trendline).
The price just reached 104.978. A move above the 105 level will have traders looking toward the 50% retracement at 105.186 (and the high from September 17 at 105.167). The 200 hour moving average comes in at 105.238.