USDJPY swings amidst 100/200 hour MA battle

<p>The USDJPY rallied hard in the early US session with the pair moving from a low near 150.00, above the 200-hour MA at 150.77 and then up to the high of a swing area between 151.17 to 151.33. Just above that is the 100-hour AM at 151.268. The high price today reached 151.238 and backed off. </p><p>The subsequent move took the price to 150.86 which is right near the broken 38.2% of the November trading range. </p><p>What next?</p><p>Well, the range has been set. </p><ul><li>The 200-hour MA is support at 150.775. </li><li>The 100-hour MA is resistance at 151.268</li></ul><p>There is also the 38.2% at 150.86 and the high of the swing area at 151.23, but the MAs are probably, the levels to eye.</p><p>Yesterday the sellers were in control. Today, the buyers have the reigns and are trying to wrestle more control from the sellers. However, getting above the 100-hour MA is still needed if those buyers are to take more control over the wild USDJPY pair. </p>

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