The USDJPY was consolidating in a narrow trading range and at the 89.18 to 89.45 level yesterday. The 100 and 200 bar moving averages converged with the price and this eventually leads to a move away from the consolidation area. The price has moved higher albeit at a modest pace as the flight into the “riskier pairs” moved the USDJPY higher.
The price has been able to maintain a level above the 100 bar MA with a test in the London session. We will continue to watch this moving average in today’s trade as well. The level comes in at the 89.58 level currently. A move below would turn the bias back down, but until that time, the bias remains bullish for the pair. The next target for the pair comes in at the 89.82 level where the 100 hour MA is located. A break of this level should see a move toward the 200 bar moving average on the same chart at the 90.08 level.
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