Trades between 100 and 200 hour MA (Between the goal posts)
The USDJPY moved lower in trading today. Technically, that move lower started against the 200 day MA which today is at the 120.808 level (see horizontal line on the hourly chart below).
The pairs tumble lower (well it was around 73 pips so it fell but it may not have been a tumble), moved right to the 200 hour MA (green line in the chart above)and the 50% of the move up from the 118.84 low to the 121.319 high (trend move) at the 120.08 level and stalled. Nice-nice.
The pair now sits between the 100 and 200 hour MAs and waits for the next break.
I call this trading between the goal posts. It is a sign of uncertainty for traders. Holding the 200 hour MA (and the 50% too) is somewhat bullish, but being below the 100 hour MA is somewhat bearish. So there may be some range trading between the two before the next push outside it's little safe haven cocoon. If the upside level is broken, the pair will look toward the 200 day MA. On a break below the 200 hour, the 119.788 seems to be the next target.
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