The USDJPY tests 100 hour MA

Technical Analysis

Author: Greg Michalowski | usdjpy

Trades at new session lows

The USDJPY is trading at new session lows and in the process is back down testing its 100 hour MA at 106.247. 

Trades at new session lows
At the Asian session high, the price tested the 38.2% of the move down this month at the 106.674, and found sellers. The price then fell below a rising lower trend line and the price started to mark lower and lower (at a modest pace).  

So far, there is a stall at the MA level. Should the price continue the wander lower, the 200 hour MA at 106.025 would be the next target. 

JPY crosses are also trading near low levels as well.

The JPY pairs are trading near lows
Helping the downside is lower yields today. The US stocks have now turned into the red after trading marginally higher in earlier trading. 

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