100 hour MA and trend line risk levels now
The USDJPY has pushed to new highs and in the process has reached the swing area target at 113.649-699. Earlier this week, the price did move above that level, only to move back below and reestablish the level as resistance (see red circle 8) after more dovish comments from Fed’s Powell.
Now with US/China on tap over the weekend, the pair is moving back toward that swing level.
Traders may look to sell here but a move back below the 100 hour MA will be eyed. If the price moves above the swing area, look for stops. This is just a trade.