Forex technical analysis: USDJPY trades above 100 hour MA/200 day MA

Based against the 200 hour MA earlier today

The USDJPY is moving to new session highs and in the process is trading above its 100 hour MA (blue line in the chart below) and 200 day MAs at 112.035 and 112.065 respectively. The high just reached 112.146. Those levels are now close risk for intraday traders. Stay above is more bullish. The topside trend line comes in at 112.37 and is a target. The swing highs from yesteraday came in at 112.33 and 112.523.

US yields are a little higher today (10 year up 1 bp now) and I guess there is less stuff coming out of N. Korea today. Nasdaq futures are recovering with a gain of 27 points.

Helping the technical bias today was the holding of the 38.2% and the 200 hour MA held support earlier in the day. The holding against that base, gave the buyers the low risk reason to enter the trade.

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