Forex technical analysis: USDJPY consolidates below 100 hour MA
Trading in a 30 pip range over the last 7 hours
The USDJPY moved back below the 100 hour MA near the start of the London trading session (at 110.815) and over the last 7 hours has been trading in a 30 pip trading range. The high reached 110.775. That is below the 100 hour MA at 110.815. The low reached 110.48. As far as I can see there is no reason the price stalled at that level.
For the week, the price high yesterday reached just above the 38.2% of the move down form the 2018 high (on January 8). The high reached 111.477. Although the price has traded above and below its 100 hour MA, the 200 hour MA has not really been threatened. It is at 111.203 currently and moving lower (see green line in the chart above). The price has been below that MA line since Jan 9.
Technically, the bias is bearish below the 100 hour MA (at 110.815), but not really going too far. If the price moves lower the low for the week becomes the next target. That comes in at 110.186.