USDJPY spending more time back above the 200 hour MA

<p>The USDJPY spiked higher to 150.154 after the JOLTs job data, then tumbled nearly 285 pips in seconds, testing the swing low going back to September 21 in the process. </p><p>Ghosts of a Bank of Japan intervention was the excuse.</p><p>The snapback higher then took the price back up 190 pips.</p><p>Looking at the 5-minute chart above, the price moved up to 149.232 in the process. Then back down to 148.511 twice, and ultimately back up to a swing high of 149.326. Since then, the price has been waffling up and down.</p><p>Taking a broader look at the hourly chart below, the price action after the initial tumble has seen the price trade above and below the 200-hour moving average (currently at 149.016). Having said that, the last dip could only reach 148.949. The current price trades just above the moving average level at 149.042. </p><p>Although the price has traded above and below the 200-hour moving average -whipping traders around in the process – it still remains a barometer for buyers and sellers. Staying above is more bullish. Moving below is more bearish.</p><p>So, watch at moving average for clues. On the top side, keep it only on 149.23 – 149.33 as potential short-term resistance. If the price gets above that level we could see a move toward the 100-hour moving average at 149.51.</p><p>Conversely, break below the 200-hour moving average with momentum, traders will likely look toward 148.51 (see the double bottom on the 5-minute chart) as the next downside target.</p>

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