Forex technical analysis: USDJPY falls below 100 hour MA
Can it stay below...
The USDJPY tested the 100 hour MA yesterday, and found buyers against the level. The price moved back up by about 46 pips, reversed and fell back down.
Today, we are seeing that MA broken at 112.496. The current hourly bar has a high of 112.497. Sellers are trying to turn the tide more to the downside. Staying below that MA line will be eyed now. Move above and the gig is up.
On the downside a move below the lows for the week come in at 112.358. Below that, the 100 bar MA on the 4-hour chart comes in at 112.255 and the 38.2% comes in at 112.225.
Below that the 50% comes in at 111.959 and the 200 hour MA comes in at 111.95 (and moving higher).
Stay below 112.50. Get below 112.358 and see what happens.