Also falling below the 38.2% retracement
The USDJPY has been able to respect the 100 hour MA line after breaking below earlier in the session. There was a brief 2 pip break, but it was quickly reversed.
Looking at the chart above, the fall below the 112.358, floor has led to more downside momentum. That has taken the price below the 100 bar MA on the 4-hour chart at 112.247, and the 38.2% of the move up from the November 27 low at 112.225. Stay below those levels will keep the sellers more in control.
The price is stepping lower.
- 100 hour MA broken
- 100 hour MA test and held
- Floor at 112.358 broken
- 100 bar MA on the 4-hour broken at 112.245
- 38.2 % retracement at 112.225 broken.
The next step, if the seller can keep the momentum going, would look toward the 50% at 111.959. That happens to also be where the 200 hour MA is located.
The Asian stocks are hitting the skids in trading today:
- The Japan Nikkei 225 is down 0.9%. and the
- The Topix is lower by 0.6% at the morning close.
Other indices are also lower with the
- Shanghai composite index down -0.74%
- Hang Seng index down -0.80%
