Momentum on new lows eyed now
The USDJPY just made a new NY session lows at the 119,40 level. The price is back below the 38.2% at the 119.567. Traders looking for an afternoon trade, will likely want to see the price remain below this level.
The intraday bias is more bearish. Note the price has moved below the trend line and the 200 bar MA (green line). The last corrective move stalled against the 100 bar MA (blue line) and as mentioned the price is back below the 38.2% retracement. So sellers are trying to exert more control. The 50% at 119.314 is the next target to get and stay below.
