Forex technical analysis: USDJPY heading to a meeting with the 100 day MA

61.8% of the move up form July low also in the picture

The USDJPY is making new lows for the day and looks toward support against the 100 day MA at the 122.275 level. The 61.8% of the move up from the July low is also in the area at 122.265. The low for the day is at 122.375 currently.

Looking at the 5 minute chart, the price is also testing the lower trend line (channel). THat line currently comes in at the 122.34. So there are a number of support levels to contend with at the lows. KEY test. Sellers remain in control.