Runs away from the 100 hour MA
The USDJPY has caught the dollar buying fever and trades at its highest level since Tuesday. That is not saying much as the pair has been in a narrow range of 105.293 to 105.866 since Tuesday afternoon. That is not a lot of price action.
Nevertheless the price is breaking outside of the range and running away from the 100 hour moving average at 105.724. The low today remained above its 200 hour moving average at 1 of 105.435 (the low for the day reached 105.473).
What now?
The 106.05 was the swing high going back to July 31. Above that are swing highs from Tuesday’s trade at 106.185. The high for the week reached 106.466.
Speaking of the week, the price did trend lower into Wednesday and Thursday from Monday’s high. However, it found support buyers near the midpoint of the recent move higher from the July 31 low at 105.323 (the low for the week reach 105.293). Breaking above the downward sloping channel trendline also helped to turn the bias a little more to the upside.