50% of the move up from last week also in play
The USDJPY has gone down and tested the 100 hour MA at 107.384. It is moving back toward that level for a 2nd look now. A move below opens the door toward the upward sloping trend line and the 200 hour MA at 107.25-27. Get below that and the shorter term bias swings more to the downside.
Taking a broader look at the daily chart, the high prices of the last few days of stalled near the 108.00 level (the high price yesterday reached 108.08. In the 2nd half of April there were other swing highs in the 108.03 to 108.077. So holding against that area yesterday and today, created a nice ceiling for sellers to lean. Can they now push through the levels on the downside. Sellers/shorts need to see that 100 hour moving average broken.
