100/200 hour MA hold below. 100 bar MA on the 4-hour tested above
The hourly chart below, has overlayed (amongst other MA lines), the 100 bar MA on the 4-hour chart at 112.54 currently (blue step line). That level is also the midpoint of the move down from the October high (so it is the midpoint of the October range).
The pair has moved up to test that dual technical level. There has been 6 separate highs/lows at that MA line. Yesterday, the pair broke above it, tested the line (at blue circle 4) and raced higher. Today, we broke below it (after testing the line at blue circle 5). We are testing it again a blue circle 6. Key test.
On the break lower today, the pair stalled at another 100 bar MA line. This was the 100 hour MA. Looking over the last few days, the pair has stalled at that MA line the last 4 tests. So it too is a MA line that "the market" is paying attention to in the up and down trading.
The buyers from below are looking for a break above the 100 bar MA on the 4-hour chart now.
The sellers (who have been the dominant in trading today) are looking for the level to stall and for a rotation to and through the 100 hour MA below.
Read Again Forex technical analysis: USDJPY selling has a reprieve up to another MA level : http://ift.tt/2yCb8fBBagikan Berita Ini
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