The 100 hour MA will be eyed for the intraday bullish/bearish barometer
The USDJPY has corrected back to the rising 100 hour MA at 109.667. The pair moved above that MA in the Asian session and extended to an intraday high at 109.874 in the London session where it stalled. The last few hours has seen a corrective move back down on early dollar selling in the North American session.
If the price can stay above the 100 hour MA, the intraday barometer remains in the favor of the buyers/bullls. A move below – and then the low of a swing area between 109.63 and 109.69 (see red numbered circles) – would tilt that barometer back in favor of the sellers/bears.
On Monday, today and in the early hour of trading today, the price formed a floor in the 109.32 to 109.346. The level was a bit random – it was just below the 50% midpoint of the move up from the May 25 low at 109.372 – but each dip did find a buyer. If sellers take a stronger hold, remember that area as another target.
On the topside, the 109.947, the natural resistance at 110.00 and the high from May at 110.191 are the upside targets.