Stays below on corrective move higher
The USDJPY is trading back below its 100 day MA at 108.238.
The price yesterday moved below the higher 200 day MA, but found support buyers near the 100 day MA. The correction higher took the price back above the 200 day MA before the close - and the Asian session saw more upside extension at the start of the session. However, once the price fell back below, and then the below the 100 day MA, selling intensified.
The low today reached 107.84 before rebounding in the London morning session. However the high price could not extend above the 100 day MA. We currently trade at 108.134.
Recall from last week, the price moved above both the 100 and 200 day MA on Tuesday at 108.30 and moved higher to the Friday high for the week at 109.843. The price has retraced about 61.8% at the current price at 108.129.
Stay below the 100 day MA and the bears can continuing the downside probing. Get below 107.76 will look toward 107.50 and then a swing low area at 107.309-359. The low from May 29th reached 107.069.
A move back above the 100 day MA and the 200 day and 200 hour MA are at 108.385 area. It would take a move above that level to give the buyers some additional upside confidence.
