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USDJPY corrects higher to resistance after run lower reverses Asian tumble

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The Asian session low 

The USDJPY moved lower in the Asian session and cracked below the 200 hour MA for the first time since June 11 (green line). That break also made it’s way below some swing levels between 109.839 and 109.878 and 109.92 and 109.95. 

The Asian session low  

However, the momentum could not be sustained and once the price moved back above the 200 hour MA (green line), the sellers turned back to buyers and the price moved back higher.

The reversal higher has taken the price back to retest the 100 hour MA (blue line) at 110.206 (the high just reached 110.199.  Get back above that MA (and stay above) and the buyers take back more control.  Stay below and I would expect 100 hour MA and 200 hour MA as the support and resistance once again until the buyers and sellers figure out the next “shove” for the pair.  

Fed’s Kaplan (Dallas Fed Pres) and Bullard (St. Louis Fed) are scheduled to speak at 9:45 AM ET.  Kaplan is more of a hawk and Bullard tilted to the hawkish camp after Friday’s interview on CNBC.  
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