Forex technical analysis: USDJPY staying below the 200 hour MA/
Looking to crack the 50% retracement
The USDJPY is trading near London session lows at 106.67. The low for the NY session just reached 106.684. The Asian session low reached 106.648. The low yesterday stalled at 106.588. All are targets on further selling.
Technically, the price of the USDJPY stalled at the highs near the 100 hour MA (no closes above that level). The move back below the 200 hour MA (green line in the chart above) has been able to keep a lid against that MA line in the London session.
We are now moving below the 50% of the move up from last week's trading low at the 106.718. That is more bearish. Can it stay below? The risk for those looking for more downside is the the 200 hour MA at 106.925. That MA is also near the downward sloping channel trend line too.