Can buyers keep a hold above the 100-hour moving average?
That will be the key question in trading today as buyers are still keeping above the near-term level (red line) @ 109.00 thus far - but barely. If we do see price fall back below the 100-day MA, then the near-term bias will turn more bearish once again.
In turn, that will bring back the question and battle between the 100-hour MA and the 100-day MA as seen throughout the whole of this week. The daily chart:
As the market continues to grapple with coronavirus fears, the battle in USD/JPY will continue until one of the key technical levels firmly give way.
For now, buyers have managed to muster some momentum in search of an upside break but there doesn't seem to be any follow through move. The bond market is also siding with sellers for now, with 10-year Treasury yields down 1.7 bps to 1.568%.