The USDJPY has moved lower over the last 2 hours and in the process has broken back toward its 100 hour moving average at 129.94. The low price just reached 129.974 and seeing a modest bounce up to 130.06 currently.
In the new trading day, the 100 hour moving average will be a key barometer for the buyers and sellers. Stay above the 100 hour MA, and the buyers remain in control. Move below and things neutral out from a technical bias perspective.
A move below would have traders looking toward the 38.2% retracement of the last move higher at 129.597. Below that, and the 200 hour moving average at 129.391 would be eyed.
On the topside, the high today tried to extend above 130.491 swing high level but could not muster more buying momentum. That level remains an upside target.
