USD/JPY Takes A Breather After Testing 100 Hour Moving Average

The USDJPY moved higher on the back of increase interest in the risk trades.  The pair squeezed back above the 100 hour moving average currently at 98.90, and moved to a high of 99.07.  Earlier in the day, the price tested the 200 hour moving average at the 97.84 level (97.94 was the low).

The price is currenly stalled at the 98.90 level. A move back above this level should lead to increased buying pressure. On the downside, watch the 98.75-78 area for intraday support.  I would look for buyers against this level with intraday stops below this level (see chart below) .

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