Following up with yesterday’s chart, the USD/JPY on the hourly chart has found some resistance at the 100 hour moving average which now comes in at 92.66; converging with the 200 hour moving average. Yesterday, the pair was trading around 92.30 and the next top side target was the 38.2% retracement level at 92.47; the pair is currently trading at that level. There appears to be heavy resistance now in the area of 92.69 with the 100 and 200 hour moving averages as well as the 50.0% fibo level all come in around this level.

If resistance is found here at the 38.2% retracement level, the next bottom side target is the 23.6% fibo line at 92.16.

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