200 hour and 50% at 106.168 to 106.204
Traders continued push lower in the USDJPY and in the process broke below its the support targets defined by the 200 hour moving average of 50% retracement between 106.168 and 106.204 (see earlier post). That area is now close risk for sellers as the trend move lower continues today.
The pair has dipped below the 106.00 level but as the 61.8% retracement of the move up from the August 6 low at 105.962 as the next target to get to and through. If the level can be broken - and remain broken - traders will start to eye the 105.70 area as support. That is where lows from August 10 came in (see red numbered circles).