No closes below the 200 hour MA since September 4th
The USDJPY moved lower today BUT it did find support at its 200 hour MA (green line in the chart below). Admittedly, the price did peek below the MA line, but only briefly. Buyers were more leaners against the level. The price has moved higher. For your guide, the price has not closed an hourly bar below the MA line since September 4th.
On the topside, the 100 hour moving average at 108.074 is a level that if the buyers can get and stay above, would give them more confidence.
The 100 day Ma is at 107.894 which is just above the rising 200 hour moving average at 107.855.
Taking a broader look at the daily chart below. The high price both yesterday and today did extend above its 50% retracement of 108.413, but could only get to 108.47 before rotating back lower. So there has been looks below the 100 day MA below and above the 50% retracement above, but no momentum on the breaks.
PS for the week the 38.2% retracement at 107.475 did hold the low on Monday's trade on the daily chart.
The current price trades between close support and resistance on the hourly defined by the 100 hour moving average above and these 200 hour moving average below.
Bigger picture, the pair is also trading between levels defined by the 50% retracement above and the 100 day moving average below (although closer to the 100 day moving average below).
Sellers have made a play today with the decline, but if they are to push lower, they need to break below the 100 day MA and 200 hour MA (and stay below). Key battle is on.
