Finds support at the 100 hour MA earlier today
The USDJPY is moving higher with the general dollar buying and trades at new session highs. Fed's Powell testifies on Capitol Hill at 10 AM ET/1400 GMT, with the expectation he keeps his bullish outlook on the US economy.
The pair is also getting a boost on the back of a technical bounce off the 100 hour MA (blue line). That MA was broken by a pip of so, but quickly rebounded. The MA at 112.324 is a risk level for longs. It was broken on July 9th and apart from the little peek below today, has stayed above the level.
The high from Friday at 112.796 is the next target. Remember the 200 week MA, and 61.8% retracement of the move down from the December 2016, high comes in at 113.29 area. That looms still ahead, but could be a level that traders are eyeing on the topside.
