USDJPY bounces off 100 bar MA on the 4-hour chart. Can the buyers keep the momentum?

The USD/JPY pair moved lower during the morning U.S. session but found support at the rising 100-bar moving average on the 4-hour chart (see lower blue line on the chart above), where sellers turned into buyers, driving the price higher.Current Movement:The price is now testing the falling 100-hour moving average at 154.73.The 200-hour moving average, just above at 154.88, serves as the next key resistance.Bullish Outlook:A sustained move above both the 100-hour and 200-hour moving averages would reinforce a bullish bias.Yesterday's attempt to break above these levels failed, highlighting their importance as resistance points.Context:Since late October, price action has fluctuated around the 100-hour and 200-hour moving averages, signaling market indecision.However, the 100-bar moving average on the 4-hour chart has remained a strong support level, with only minor and short-lived breaks on November 5-6 and earlier this week.Key Takeaway:The 100-bar moving average on the 4-hour chart remains critical. As long as the price holds above this level, buyers retain control (with the 100/200 hour MAs as other targets to the upside).A break below this support MA at 153.88 with sustained momentum would shift the bias towards bearishness. This article was written by Greg Michalowski at www.forexlive.com.

Nov 22, 2024 - 00:45
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USDJPY bounces off 100 bar MA on the 4-hour chart. Can the buyers keep the momentum?

The USD/JPY pair moved lower during the morning U.S. session but found support at the rising 100-bar moving average on the 4-hour chart (see lower blue line on the chart above), where sellers turned into buyers, driving the price higher.

  • Current Movement:

    • The price is now testing the falling 100-hour moving average at 154.73.
    • The 200-hour moving average, just above at 154.88, serves as the next key resistance.

  • Bullish Outlook:

    • A sustained move above both the 100-hour and 200-hour moving averages would reinforce a bullish bias.
    • Yesterday's attempt to break above these levels failed, highlighting their importance as resistance points.

  • Context:

    • Since late October, price action has fluctuated around the 100-hour and 200-hour moving averages, signaling market indecision.
    • However, the 100-bar moving average on the 4-hour chart has remained a strong support level, with only minor and short-lived breaks on November 5-6 and earlier this week.

  • Key Takeaway:

    • The 100-bar moving average on the 4-hour chart remains critical. As long as the price holds above this level, buyers retain control (with the 100/200 hour MAs as other targets to the upside).
    • A break below this support MA at 153.88 with sustained momentum would shift the bias towards bearishness.
This article was written by Greg Michalowski at www.forexlive.com.
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