Fell below the level on Tuesday, but rebounded
The USDJPY has moved to the 110.10 level after the weaker than expected non-manufacturing index (53.9, the lowest in 11 months).
Looking at the daily chart, the price is testing the 111.10-23 area. That has a number of swing lows going back to November 2016. There were two major dips below that floor in April and June 2017. On Tuesday the price fell below the level on the way to a low of 109.90, but the fall stalled. We are currently making a move below the level and trade at 110.06.
Drilling to hourly chart, the high price yesterday stalled before the 200 hour MA. Today, the 100 hour MA was rebroken and stayed below the level (blue line in the chart below). The price is making that break below the 110.10-23 area from the daily chart. That area is now resistance for traders. Stay below is more bearish. Move above and the sellers will be disappointed in the break.
