USDJPY keeps the lid on the pair near the converged 100/200 hour MA

The USDJPY has been trading above and below the 100/200 hour MAs today, with the most recent swing being to the downside.

The MAs are converged at 143.29. In the early hours of the New York session, the price extended briefly above that level up to 143.34, but could not sustain any momentum.

The price has since dipped back down below the 143.00 level to a low of 142.85 so far. That low got within 3 pips of the Asian session low at 142.82.

Technically a move to a new session low would open the door toward the Wednesday low at 142.509. Below that is a swing area of recent swing low levels between 142.01 and 142.30 (see red numbered circles). Move below that level and the 38.2% of the move up fom the August 23 low would come into focus at 141.475.

Ultimately if the price cannot get below that level, the sellers are not winning in the medium term.

Below are my extracted technical views of the USDJPY USD/JPY The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting Read this Term from the morning forex report outlining the technical levels in play today and why.