USDJPY rebounds to 100 hour MA and swing area. Shows some signs of buying interest.

<p>The USDJPY is bouncing higher in early US trading, and in the process is testing/breaking above the 100 hour MA at 138.83 and looks toward the high of a swing area up near 139.00.Above that sits the broken 38.2% retracement of the move up from the March 24, 2023 low at 139.176.</p><p>If the price can move above those targets, the door opens for more upside probing. </p><p>Recall that last weeks trend run lower did see the pair bottom near key/strong support defined by the 100/200 day MAs and the 50% of the move up from the March 24, 2023 low. That support came between 137.18 and 137.35. The low last week stalled and bounced after reaching 137.236 – between those key support levels. </p><p>What next?</p><p>Watch the morning video and plan your trade. </p>

This article was written by Greg Michalowski at www.forexlive.com.