The USDJPY continues it’s up and down action with a down move today. The price has found support against the lows from yesterday afternoon and corrected to toward the 38.2% of the move down from yesterday’s high AND the 100 bar MA on the 5 minute chart (see chart above). Those levels come in at the 82.43 level and the 82.46 respectively. A move above this area could dampen some of the enthusiasm seen to downside today. Staying below keeps the bears in control.
The last 4 days in the USDJPY have seen the price in the USDJPY alternate between up and down. The 100 hour MA comes in at the 82.38 currently. This level coupled with the resistance from the 5 minute chart increase the importance of the 82.38-46 today. Stay below, and the bears stay in charge – move above and the up and down range trading likely to continue.
