100 hour MA at 106.857 is close risk for shorts
The USDJPY has moved lower in trading today (risk off flows? Perhaps). In the process, the price fell back below the broken 38.2% at 107.01 (call it 107.00) and a swing area at 106.91 to 106.988. The 100 hour MA was also breached at 106.857. That MA is now close risk for sellers. Stay below is more bearish. A move back above 107.01 would be another risk level for the shorts. Sellers would not want to see that level rebroken to the upside going forward if the sellers are to keep control.
ON the downside, the swing low from Tuesday at 106.55 is the next target followed by crossing trend lines at 106.47 and other swing lows from the week at 106.40 and 106.353.
US stocks are opening lower but off the premarket low levels.
