Looked below the MA line at the opening but rebounded. Back down testing.
The USDJPY moved down to test the rising 200 hour MA for the 2nd times today. Earlier in the day, the price opened and moved below the MA line at the 113.14 level. The price traded below the line to 113.107. That was it though. The next bar was back above the MA line and the price moved higher. The price moved to a high of 113.726. Since then, the story has been more bearish with the weaker Empire Manufacturing sending the pair lower.
That last push has taken the price below the 50% of the day's trading range at 113.416, and also below the 100 and 200 bar MAs at 113.489 and 113.40 respectively. That gives the pair more of a bearish bias intraday. Stay below the 200 bar MA at 113.40 and the 50% of the day's trading range at 113.416 is now topside resistance.
On the downside, the low stalled right that 200 hour MA for the 2nd time. This time the MA is a little higher (it is at 113.25 currently). If the pair is keep the downside going that MA needs to be broken (and stay below).
Looking at the hourly chart below, the price at the high moved just above the topside trend line and failed. A lower trend line cuts across near the 200 hour MA.
