USDJPY trades back above 114.00
Higher target at 114.20 to 114.307
The USDJPY trading back above the 114.00 level and test the high for the day at 114.04. The price is moving away from a floor area developed over the last three or so trading days between 113.74 and 113.80. The 100 hour moving averages also at 113.73 and moving higher. The 200 hour moving averages at 113.658. For now stay above the floor, keeps the buyers in control.
The range for the day is only 32 pips versus a 22 day average of 64 pips (about a month of trading).
Buyers are making a play but need to crack above the 114.04 level. Move and stay above would have the traders targeting the 114.203 to 113.307 swing area (see red numbered circles). It above that level and the 114.457 to 114.544 area and the swing high from October 20 at 114.69 would be eyed.