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USDJPY retests its 200 hourly moving average at 113.909

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USDJPY retests its 200 hourly moving average at 113.909

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It is trading above its 100 hourly moving average at 113.781

The USDJPY moved higher with the USD generally running higher in early US trading.The pair has now broken above its 100 hourly moving average at 113.781, and testing its 200 hourly moving average at 113.909 . The high price just hit 113,915 and is stalling a bit.

Moving above the 100 hourly moving average is an upward slant. However, breaking above the 200 hourly moving average will help confirm the breakout (if it can stay above it at all). On a breakout, the downward sloping trend line on the above hourly chart cuts to 114.08. There are swing highs near 114.203. The week high since Tuesday’s trade reached 114,307.

The low of the week occurred yesterday at 113.25. That was just above the 38.2% retracement of the move from the October low at 113,211.

Overall, the pair since October 12 has traded between 113,211 and 114,691. In between, and since October 21, the price has been moving above and below the 100 and 200 hour moving averages (blue and green lines) as buyers and sellers fight for control.

During that time, most of the price action has been below the 200 hourly moving average. As a result, going back above would be a step in the more bullish direction at least in the short term for the USDJPY pair.

Although returns are higher, helping the USD and USDJPY, US stocks are trading lower in pre-market trading as Amazon and Apple stocks weigh on the Nasdaq index in particular. . That can be negative (all the same) for the USDJPY pair at times.

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USDJPY retests its 200 hourly moving average at 113.909

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