Getting more comfortable above 200 bar MA on 4-hour chart
The USDJPY continues the trend higher. The price corrections have been modest. The price is also moving above the 200 bar MA on the 4-hour chart. That MA comes in at 107.67. Stay above is close risk for intraday longs.
As outlined in an early post
, the pair is trading in a channel on the 5-minute chart. The low channel line comes in at 107.64 currently (and rising). The 38.2%-50% of the last trend leg higher comes in at 107.50-559. The rising 100 bar MA is at 107.527.
In a trend move, the trailing 100 bar MA and the “correction zone” (38.2%-50% retracement of the last trend leg higher) is a way to gauge the trend move. A move below that area (and 100 bar MA) muddies the water. Putting it another way, the buyers and sellers have reached an equilibrium area after trending.