The USDJPY (like a number of currency pairs it seems) has enjoyed a trend run and is now consolidating at support levels. For this pair:
- The 200 hour MA (see green line in chart below) comes in at 81.07.
- The 50% of the move up from the April 16th low comes in at the 81.027
The price has dipped below these levels in London (low reached 80.96) but the break has not been sustainable and the price is now back above these levels.
- A move above the 81.13-18 area is now needed to prove the buyers can wrestle some control away from the sellers (that is just a start). This represents the 38.2%-50% of the move down from the London high at 81.40 (i.e. the last leg down). See the chart below for these levels.
- The 200 bar MA on the same chart (green line) is at 81.27 currently and would also be a target for sellers to reenter.
