38.2% maintained support on the intraday correction
The USDJPY moved closer to the 200-hour MA / 50% retracement earlier today, but retreated. The modest correction took the pair back to the 38.2% broken at 105.458 and found buyers. The return to the upside reached 105,822. The 200 hour MA is 105.836. The 50% is at 105.853. The vendors leaned forward.
We’re currently trading at 105.67 – not quite between 38.2% and 50% / 200 MA hours, but each. The combination of 50% and 200 hour MA tends to be hard to break. They both represent a key technical level for bias. Being together increases the importance of levels. So far, traders are sticking to the combination (with likely stops on a breakout above).