Follows the dollars moves
The USDJPY moved up in London morning trading on the back of BOJ rumblings. That rally has continued with Rosengren’s comments in the NY session. The price action has taken the price above the 50% of the move down from last Friday’s high and the 200 hour MA (green line in the chart below). Those levels come in at 102.748 and 102.824. That is now now support for longs. Stay above and the buyers remain in control. As you can see, the correction off the break above has done just that in the current hour. So buyers are holding the line.