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Forex technical analysis: USDJPY tests trend line/MA level

Discussion in 'Technical Analysis' started by ForexLive, Oct 3, 2016.

  1. ForexLive

    ForexLive Forum Member

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    Buyers making a play The USDJPY has extended to new London/NY session highs on the back of the better ISM data. The price has pushed above the the 100 and 200 bar MAs on the 4-hour chart (blue and green lines at 101.517 and 101.596 respectively - see chart below), and a topside trend line (at 101.60). The pair is pushing and looking for that momentum push above the topside trend line. If it comes, and there is a break, the highs from last week at the 101.76 and 101.834 become the next targets to get to and through. The upside opens up on a break above those levels.

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