collected by :kiven Dixter
The hundred hour MA remembers a key backing target.
PS on a break of the topside trend line resistance looms the high value from 2017 at 0.8065
100 hour MA held backing in the Asian session.
The 2nd was the hundred hour MA (blue line in the map below).
Drilling drop to the 5-minute map below, the value high at 0.8044 took out the prior day high however just with a few pips.
Forex technical analysis: USDJPY bounces off a familiar level
Yes there have been some instances the time the floor was broken out of (August 29th, & yesterday on a few occasions – red shaded area).
Today the time the standard was revisited, the standard held (see red circle 6) & we saw a quick bounce back higher.
I would guess stops on a break back above the standard however as I type, the value Information Systems moving back lower.
So the lines are drawn, by the 108.63 standard floor below perfect support.
and the hundred hour MA & 38.2% retracement at 108.93 above.