Moves above averages
The USDJPY as extended to new session highs in the process is breaking above moving average resistance defined by the 100 bar moving average on the 4-hour chart and the 200 bar moving average of 4- hour chart (see blue and green lines in the chart below). Those moving averages come in at 101.56 and 101.58 respectively. They are now support/a risk defining level for the longs – stay above and the buyers remain in control. The next target on the four hour chart is topside trend line at the 102.00 level (see chart below).