Pair moves toward 100 hour MA
The price in the early Asian session has moved higher and in the process is back testing the MA levels. The 200 hour MA is at 107.12. The 100 hour MA is at 107.19. The 50% midpoint of the non trending range over the last 9 trading days is also at 107.19. Key bias level for traders.
The Japan trade surplus came in much better than expected. That should weaken the JPY but the reaction was not that great. Perhaps the market is worried that the surplus is bad news for trade negotiations between the US and Japan.
Technically, the first move of the day is to the upside MA targets. A break above the 107.19 should be more bullish and lead to more momentum. A failure to extend and the buyers can quickly reverse back lower.