Rise has the USDJPY retesting the 200 day MA now
The USDJPY stepped lower today and in the process, moved back below its 30.2% retracement of the move up from February 10 at 105.526 , the 200 day moving average at 105.488 and also a upward sloping trendline starting from the February 10 low . The momentum to the downside the price to a low of 105.234 which was just shy of its 200 hour moving average (green line in the chart above) at 105.221 currently. Buyers leaned against the risk defining level.
The price has moved back up to retest the underside of the broken trend line, the 200 day moving average and the 38.2% retracement all between 105.488 and 105.526. That area will be the barometer now for the buyers and sellers. Sellers should use the level to lean against (with stops if the price starts to extend above). Buyers (it may be the ones against the 200 hour MA below), now want to see that area rebroken with an extension back toward its 100 hour moving average at 105.678 (I would expects sellers against that level).
For the week, the pair close last week at 104.913 and reached the low for the week on Monday at 104.855 in the 1st hour of trading. The high for the week was reached on Wednesday at 106.22. Also on Wednesday another swing hi stalled just ahead of that level. The inability to extend above the highs, started the downward drift which has picked up momentum today (at least to the lows).
