New London/NY session lows
The USDJPY has traded below the 100 hour MA (blue line in the chart below) and at new low levels for the NY and London sessions. The low for the day came in at the 123.81 in the first hour of trading. The low just reached 123.90. However the price has already rebounded back higher. There is that hesitation and caution by traders it seems.
The pair has had fits of moves higher and lower over the last few trading days. On Thursday, the price extended to the highest level since June 10, but could not sustain that momentum. The price tumbled lower into Friday trading. ON Friday - after a corrective move higher - there was another sharp fall (only to have the price wander back higher into the week's close).
Now, the fall over the last few hours has taken the price toward the midpoint of the move up from Friday's low at 123.887.
Like some of the other pairs today, the pair seems to be on a random walk with the general weakness of the dollar in the NY session influencing the bias to the downside. The 200 hour MA at the 123.81 will be the next intraday support area for the pair. The price on Friday did hold above that level. Patient buyers might look toward this level to stick a toe back in the water.
