USDJPY breaks below technical support at 111.21-24

Technical Analysis

Author: Greg Michalowski | usdjpy

50% and 200 bar MA on the 4-hour chart

The next target has been breached. This one took some time to get below. It was defined by the 200 bar MA on the 4-hour and the 50% retracement.  

What next?

Stay below that key level above and traders will look toward the 110.86. That level corresponds with the swing low from April 25th.  Below that trend line support at 110.61 (and going higher) and the 61.8% of the move up from the April 17 low, comes in at 110.507. 

The USDJPY range is now at 213 pips. It is oversold, but the buyers cannot take back control.  A move back above the 111.21-24 would be a failed break and should leave to a further correction, OR buyers against forward support.  However, until then, the sellers remain in full control.