USD/JPY Approaches 100-Day Moving Average

The USD/JPY is moving higher today and is getting closer to key resistance at the 100 day MA.  The level comes in at 94.31.

The pair has been moving higher since the break yesterday above the triangle formation formed on the daily chart.  That level came in at the 91.90.

I would expect good selling as the price gets closer to the 94.31 level.  Typically, the selling from profit taking will surface before the level.  Keep this in mind as the market moves higher.

At this point (intraday) the downside needs to hold the 92.63 level which is the midpoint of the move up from the Feb 17th low to keep the bias to the upside.  A move below this level would not be good from a technical perspective for the bulls.

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