100 and 200 hour MAs keeping a lid on the pair
The USDJPY over the last day or so has been pushing the 200 hour MA on a number of occasions (green line in the chart below). The little pushes above line were met with little momentum.
Today the 100 hour MA has joined the 200 hour line at 111.35. The high just stalled at 111.34. Sellers keep leaning.
On the downside, a trend line connecting low cuts across ta 111.03 and then stronger support at the 200 hour MA and 200 day MA at 110.85 and 110.816 respectively will be eyed.
Earlier this week, the pair tested the 100 day MA and prior swing highs. Those levels come in at 111.708 to 111.78 currently. The holding of that key area, has helped give more of a bearish bias since peaking. However, the downside has been limited (and price action remains quite choppy).
Bears more in control below the 200 and 100 hour MAs.
