Approached 100 hour MA
The USDJPY has been waffling back and forth, with a topside trend line keeping a lid above. Below the pair approaches the 100 hour MA.
The pair last week tumbled into Thursday after falling below the 119.72 level and gathering some momentum. The 119.72 was the low close going back to September 7th. During that time the USDJPY pair closed between 119.72 and 102.60. The low at 118.055 last week, peeked below a low floor area between 118.22-508. This area has had a number of different lows going back to February (see daily chart below). Looking at the hourly chart above, there was one hourly close below the 118.22 level
If the 100 hour MA does not find buyers now. Look for patient buyers to come in at the 119.00 area. The 38.2% of the move from the low and the 38.2% of the move down from the October 6th high (high for the month) both come in at that area. Should be good support on a dip I would think.
