USDJPY backs off from the retracement target

Technical Analysis

Author: Greg Michalowski | usdjpy

Stocks retrace and give traders a reason to sell the USDJPY with the decline

The USDJPY moved up to the next target at the 61.8% of the move down from the November 2017 high at 110.859. The high price ticked to 110.852.  The price stalled. We are trading at 110.684 now.  The low reached 110.62.  

Stocks have come off from the highs. The major indices are now back in the red (S&P down 4.5 points, Nasdaq down -25.6 points).

Looking at the 5-minute chart, the price has moved below the 100 bar MA on the 5-minute chart at 110.709. The 38.2% and the 200 bar MA on that chart comes in at 110.55.  That level should find support buyers on the dip.  However, if the selling is to pick up steam, breaking below those levels will be clue that the buyers are losing more interest.


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