The USDJPY took out support levels but looks at more downside targets

Technical Analysis

Author: Greg Michalowski | forex

200 hour MA in the USDJPY is targeted

The USDJPY moved through downside targets in what has been a trend like move to the downside. The pair reached a new session low in the current hour at 109.54. The high for the day was in the first hour of trading at 111.268.  

200 hour MA in the USDJPY is targeted

On the way lower today, the price has broken below the: 

  • A trend line at 111.00. Break.
  • The 100 hour MA at 110.82. Break
  • A lower trend line at 110.577. Break
The pair is now down testing swing lows from Monday at 109.657 and looks toward the 200 hour MA at 109.37 and the low from last Friday at 109.32.  Below that are the 100 day MA at 109.013, the 38.2% of the move up from the March 12 low at 108.407 and the 200 day MA at 108.289.  

At the very top of the chart is a wide but real, ceiling in the 111.35 to 111.709 area.  Admittedly, the market kept pushing to new highs on Friday, Monday, Tuesday but each break was small and quickly rejected. The high yesterday (Wednesday) was below the Tuesday high (a clue).  Trend line breaks started the fall.  

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