USDJPY makes new intraday lows

The dollar sale moves the pair away from its MA levels today

The USDJPY this week traded near the 100 day MA (blue line on the daily chart below) but found sellers against this level Monday, Tuesday and Wednesday. On Wednesday, the price fell and closed near its daily lows. Yesterday was a modest day. Today, we are seeing new momentum moving away from this 100-day moving average and approaching the June lows.

The dollar sale moves the pair away from its MA levels today

Looking at the daily chart, the lowest point on the June 11 swing was 106.565. This is the next goal. The low price has just reached 106.67 in the pair. Below, traders will target June

23 low at 106,067 and below May swing bottom at 105,984. These are the target levels on the daily chart.

Drilling on the hourly chart below, the high price today has stalled against a trend line above the Asian session. The sellers against this level started the race lower. The European session traded above and below a lower channel trend line, but also mostly stayed below the 61.8% retracement of the uptrend from the June 23 trough. This level stands at 106,866. This is a level of risk for short-term traders. Stay below and the sellers keep control.

On the downside, a high swing on June 24th stands at 106.647. A same day low swing comes in at 106.373. Below, the June 23 low at 106,067.

Sellers are playing the game in the trade today and moving further away from this moving average of 100 days in the process. Moving below the 61.8% short-term retracement also indicates that the sellers are in control. Staying below keeps the bias down.


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