Forex technical analysis: USDJPY trades between the MAs (mostly)

Rebounds off the lows.

The dollar fell after the comments from Yellen were released although she did not specifically say anything about monetary policy.

From a technical perspective, the USDJPY moved from the 100 bar MA on the 4-hour chart, down to the 100 hour MA at 109.31. The low actually extended to 109.265, but the pair quickly bounced.

The bounce off the low has retraced about 38.2% of the move at 109.483. The price remains below the close from yesterday at 109.543. The low in the London session stalled at 109.535. The 50% of the day's trading range is 109.55. That area is key - at least intraday. Stay below is more bearish.

The pair still needs to get and stay below the 100 hour MA at 109.31. Testing that level right now as I type.