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Forex technical analysis:USDJPY and EURJPY bounce

Discussion in 'Technical Analysis' started by ForexLive, Aug 22, 2016.

  1. ForexLive

    ForexLive Forum Member

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    Support holds.... The USDJPY has bounced off the 100 hour MA/trend line combo at the 100.25-31 area (). The low extended to the trend line and 100.257. Bounce. Risk is defined at those support levels for longs. The buyers are trying but can they take it to the next level? They tried earlier in the day on the break above the 200 hour MA (green line in the chart below). That idea failed and the retracement of the range began.

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