50% of the move down from the Juen 17 high is also near the 200 hour MA.
Th price of the USDJPY moved up to the 200 hour MA yesterday in the NY afternoon session and found some sellers.
The modest selling agianst the level based, and then broke above the same 200 hour MA level with more momentum this time (in the Asian session today). The high price extended through the 200 bar MA on the 4-hour chart at 108.073, but stalled right at a swing level from earlier in the month at 108.16 (see red numbered circles in the chart above).
The price stalled and moved back lower. The pair just bottomed at the 200 hour MA line again (green line at 107.769). The 50% of the move down from the June 17 high is right around that level as well at 107.745.
So meaningful technical levels have helped define the range with 108.16 on the topside and 107.745-769 on the downside. We currently trade at 107.88.
Drilling to the 5-minute chart below, the pair tracked the 100 bar MA on the trend move higher yesterday (see blue numbered circles). It was the hold at the 200 hour MA that stalled the rally, and led to moves below the 100 and 200 bar MA (green line) in the Asian session today. That break failed and the price surged to the day highs (moving above the 200 hour in the process).
More recently, the price has moved back below the 100 bar MA (currently at 107.956) and corrected up to it and held. Are the sellers looking to take more control?
That MA line may be a intermediate barometer for bulls and bears above the 200 hour MA at 107.77 and below the swing resistance at 108.16. Get above and it would be more bullish. Stay below and the bears may look to crack the 200 hour MA again and run lower.
