The USDJPY moves toward 200 hour MA and bounces

Technical Analysis

Author: Greg Michalowski | usdjpy

200 hour MA at 110.519. Low reached 110.538

The USDJPY did get below the trend line and 38.2% off the daily chart at 110.724 (see chart below) on its way to a session low at 110.538. 

The trend line on the daily
That low was just above the rising 200 hour MA at 110.519.  Traders found a level to lean against with risk defined and limited.  It will take a move back below to hurt the technical picture more today.  

Staying on the hourly chart the 50% of the move up from the low last week comes in at 110.94. That level will be of interest for buyers and sellers.  Stay below and the balance of the trading over the last week, is tilting lower. If it moves above, the balance is a little more to the upside.   
 
The 200 hour MA


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