TECHNICAL ANALYSIS

USDJPY Falls To New Lows, Looks Towards 200 Hours MA


The 200 hour MA comes to 104.622

USDJPY fell to a new low and in the process traders targeted the key 200 hour MA at 104.622. The pair in the London morning session rebounded higher, but stalled at 100 AM MA.

The 200 hour MA comes to 104.622

On the way down (looking at the hourly chart below), the price action saw the pair move below the 105.00 area (and a swing area just below that level), and another swing area between 104.816 and 104.851 (see yellow areas).

The lower swing zone housed the low on Tuesday and again earlier in the day (where support buyers arrived ahead of Tuesday’s low). This area is now a near risk for sellers. Staying below gives salespeople more control with the 200-hour MA, the next key target. Move below and traders will target 104.46-50, then the 50% retracement of the move from the November 9 low at 104.424.

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