USDJPY finds sellers near the 200 hour MA

The USDJPY has corrected higher off the low which reached just above the natural support level Support Level A trading support or support level represents a given price that acts as a temporary barrier for an asset. In particular, this level ensures an asset’s price will not fall below it or will encounter difficulty in doing so.All assets can utilize supports, be it forex, equities, commodities, etc. A given asset's support level is created by buyers that enter the market whenever the asset falls to a lower price. Basic support levels can be calculated and charted by identifying the lowest lows for a A trading support or support level represents a given price that acts as a temporary barrier for an asset. In particular, this level ensures an asset’s price will not fall below it or will encounter difficulty in doing so.All assets can utilize supports, be it forex, equities, commodities, etc. A given asset's support level is created by buyers that enter the market whenever the asset falls to a lower price. Basic support levels can be calculated and charted by identifying the lowest lows for a Read this Term of 132.00. The low reached 132.02 before moving higher.

The corrective move higher, has reached to the 200 hour MA at 132.493 and found leaning sellers. WIth risk defined and limited against the MA, traders are sticking a toe in the water on the corrective move. A move above with momentum, will likely be met with stops, however.

On the downside, move back below the 50% at 132.314 and the sellers against the 200 hour MA feel more comfortable. The 50% was broken earlier today, but snapped back ahead of the 61.8% target at 131.906 (and above 132.00).