What was support becomes resistance
Like the EURUSD, the USDJPY is back up testing the 200 hour MA at 119.46 (green line in the chart below). The 50% of the move up from April 30 is at 119.49. This was support earlier today. What was support becomes resistance. So I would expect traders to lean against the MA on the first look. A move above could take some of the selling fear out of the market. Look for traders to shift allegiance on a move above 119.50.
