USDJPY - Great potential!
-Looking at the hourly chart, the lows for the week on Monday and again on Tuesday stalled right near its rising 200 hour moving average (green line currently at 113.509).
-The price action did trade above and below the 100 hour moving average about of significance in trading today is that the low for the day did stall comfortably above that moving average line – indicative of buying interest.
-Additionally, the price has moved above a swing area between and 113.773 and 113.806. Admittedly, the price has moved down toward that level and even below it over the last hour or so, but is trading back above the level at 113.847 currently.
-Our price target stays at: $122
-The price action did trade above and below the 100 hour moving average about of significance in trading today is that the low for the day did stall comfortably above that moving average line – indicative of buying interest.
-Additionally, the price has moved above a swing area between and 113.773 and 113.806. Admittedly, the price has moved down toward that level and even below it over the last hour or so, but is trading back above the level at 113.847 currently.
-Our price target stays at: $122
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