Price has not traded below the 100 day MA since May 8
The USDJPY is testing the key 100 day MA at the 121.02 level. The pair last traded below the key moving average on May 8. The low has reached 121.06. The declining stock markets are leading to the old "flight into the relative safety of the JPY". That point may be debated but JPY crosses are also showing weakness across the board in trading today.
Nevertheless, with risk defined and limited against the key MA, traders are currently leaning against the level. There should be stops on break below the 121.00 level I would expect.
