USDJPY moves towards the close level after crossing the trendline / 100 hours MA
The USDJPY has taken a lower course in the last hour of trading. The move took out the 100 hour MA (was trading above and below the MA level today) AND the uptrend line (hadn’t broken below that trendline today – see green numbered circles). The combination tipped the technical bias further downward intraday.
The drop took the price back to yesterday’s close at 103.834. The pair is trading just above this level now. The Asian session low hit 103.783. Reaching him, would complete the pair’s top-to-bottom tour today. A move below that level would then target the 38.2% retracement of the 2021 trading range at 103.702. The rising 200-hour moving average stands at 103.598. Ultimately, if bears want to gain more control, dropping below these two levels is a big hurdle.
The most recent high of the day stalled on the upper trendline, which gave sellers the green light to start the bearish race (see red numbered circles).