The USDJPY moves below converged 100 and 200 hour MAs

Back down testing the 200 day MA

The tumble in the Philadelphia Business index, has sent the USDJPY lower.

Earlier today, the 100 hour MA (blue line) provided support. Now the 100 and 200 hour MA are near the same level. The price has cracked back below those MA levels at 110.30.

The fall has taken the price below the 200 day MA at 110.223 but we are seeing some slowing around the longer MA level. That 200 day MA initially slowed the rise during yesterday's trading before breaking higher later in the NY trading day.

Traders will be looking to see if the hourly MAs can keep a lid on the pair (that would be the best case scenario for the bears technically), then get and stay below the 200 day MA, turning the bias more bearish. If so, the 110.148 will be eyed followed by the 110.00 level (61.8% and a nice round number).