USD/JPY Pushing Against The 100 Hour Moving Average At 89.11

The 100 hour MA has held the topside this week and the pair is back up testing the level.  The MA comes in at the 89.11 level currently.  The high reached 89.12. A break above should lead to further gains, but so far, the market is using the level as a level to sell against. Until the price is broken the bias remains down for the pair.

The USDJPY has been relatively contained over the last week or so. The range for the week has extended from a high on Monday at 89.69 to the low for the week on Thursday at 88.63.   The narrow range begs for a move up or down away from the current range.  So be aware.

The low for 2009 is 88.00.  A move above the 100 hour MA could pave the way for a move back up toward the 90.04 area.

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