USDJPY dips below the 100 hour MA for the 1st time since August 7
The USDJPY is dipping below its 100 hour moving average at 106.556 for the 1st time since August 7. It also is falling below its 200 bar moving average on the 4 hour chart at 106.574 and the low from yesterday's trade at 106.56. Key area for both buyers and sellers.
Stay below keeps the sellers in control with the next target at 106.46 followed by 106.375(that is the 38.2% of the move up from the August 6 low).
For this week, the highs stalled between 107.004 and 107.044 on 3 separate occasions creating a decent ceiling at the area. In trading today, the price fell below a trendline connecting lows from Tuesday and Thursday and that helped to start a further trend move to the downside. The hourly bars have shown 12 of the last 14 moving lower as buyers turned to sellers.
The low for the week was reached on Monday at 105.70.
Looking at the daily chart, the 50% retracement of the move down from the June high to the July low came in at 107.012. That was also near the high for the week at 107.044. Holding near that key barometer has been able to keep the sellers in play (and give them hope). The and ability to crack above that level today was an influence to the rotation back to the downside.
