USDJPY dips on comments of McConnell planning for a shutdown

Technical Analysis

Author: Greg Michalowski | usdjpy

Price falls below 100 hour MA.

A news report from Politico saying Sen Majority Leader McConnnel is planning for a govt shutdown, has sent the dollar lower. The USDJPY fell below its 100 at the 110.84 level.  That level is back to being resistance after failing to hold support. 


The EURUSD has also moved higher (lower USD). It held support at the 100 hour moving average of 1.2228 (blue line in the chart below), and moved to a high of 1.2253 so far.  The 100 hour MA remains a key support for traders going forward.


Of course when you talk about a government shut down, it really is not taken too seriously.  However, technically it has helped to push the prices through/away from technical levels. Can that push be sustained?