Forex technical analysis: USDJPY tests 106.00

Recovery continues as stocks reboundThe S&P index went from down about -16 points to up about 25 points, and that helped the USDJPY (and the JPY pairs). 

The USDJPY has moved up to the 106.00 level and is stalling a bit at the natural resistance target.  On a break, the next targets would be the:

  • The 106.09 level. That was the swing low from Feb 19th on the hourly chart
  • The 38.2% of the move down from the Feb 27 high at 106.17
  • The 100 hour MA at 106.379.

The move to the upside took out a swing low from Feb 16 at 105.908 and is a close risk level now. 

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