Narrow range but more bearish technically
The USDJPY has tested the 200 hour MA three times over the last few days in what has been a down to sideways market. Yesterday and again today, the price peaked above the MA line, only to rotate back down. Yesterday, the 100 hour MA (blue line) held support. Today, that 100 hour MA was broken. Admittedly, the price had little choice. The 100 hour MA converged toward the 200 hour MA. The 200 hour MA converged toward the 100 hour MA. In fact, the two crossed today. Is the cross more bullish? Only if the price can move back above the MA levels. With the 100 hour moving average at 113.99, a move above the nice round 114.00 is needed to turn the bearish bias to more bullish.
On the downside, the 38.2% retacement at the 113.375 will be eyed as the next key downside target at the 113.375. Yesterday that level was tested at the lows and held. Today, the low reached 113.448. If the level can not be breached on a test going forward, the modest selling may dry up and the upside restarted. But I would give the sellers a slight advantage at the moment in the pair.
