Trying to close below 100 day MA
The USDJPY is trading at new day lows and is also moving away from the 100 day MA. Yesterday, the 100 day moving average (blue line in the chart below) was broken, but could not close below the level. In the last hours of trading, the price has once again fallen below the 100 day moving average (currently at 119.222. A close below should solicit additional bearish trading. Looking at the daily chart, the low from yesterday came in at 119.06 and the trend line support comes in at the 118.97 level. A move below it will next target the 50% of the five-month trading range at 118.78.
When the price trades in a confined range the market gets complacent. Eventually the market will break and run, however, so stay alert. With the fall once again below the 100 day MA, traders will be thinking the downside. The price has to stay below the line though and start to make more progress by getting through the targets - one by one.
