Price falls below the 50% of the move down from March 10 high
The USDJPY has moved to new session lows - falling below the 50% retracement of the move down from the March 10 high. That level comes in at 120.167. The 200 bar moving average (green line in the chart below) on the 4-hour chart is the next target. That level comes in at 120.09.
A move below the 120.00 will next look toward the 100 bar moving average on the 4-hour chart at 119.78 currently (blue line in the chart below.
The USDJPY has been more bearish in trading today. The BOJ Deputy governor said earlier that a cut in the central banks inflation forecast would not be enough to justify more monetary easing.
