Tested the 100 hour MA. Back down to the day's low

As the EURJPY gets hammered, the USDJPY is certainly helping the fall (or is it the other way around). The pair tested the 100 hour MA earlier in the trading day (blue line in the chart) and now looks to complete the day's lap by reaching (surpassing?) the low for the day at the 100.154 level. The low has reached 100.159. Ok that is close enough. Lap complete.

I have outlined the 100.487 level as another level to eye. That level was the low close for the USDJPY for the year prior to the lower close yesterday. Now... we did close below that level yesterday, but if the price closes above today, traders will be thinking about a failed break. Looking at the 5- minute chart that was the risk today until the price broke back below the level. Note in the chart below how the sellers leaned against that level. Close below the level and it will be two closes below the level.

Yesterday the low reached 99.50 before the Dudley bounce. Admittedly, we are still a break below all important 100.00 before thinking about looking toward that target. However, sellers have put a line at 100.487 to lean against above. Stay below and bears in control. Get below the next target at 100.00 and the sellers gain more confidence.