The USDJPY stretched higher as European traders exit the day.
The move to the upside took the price above the 200-hour moving average at 147.49, and up to the 100-hour moving average at 147.646. The price has stalled against that higher moving average as traders debate higher or lower and fight it out.
On a break above the 100 hour MA, the 38.2% retracement and swing area above and below 148.000 becomes the target. Traders who sold after Powell’s speech would be disappointed as the buyers take back more control.
On the downside, if the 200-hour moving average is broken with momentum, look for the 147.075 as the next target area followed by the swing area 146.61to 146.75
