USDJPY corrects back down to old double top level. Key test.

Technical Analysis

Author: Greg Michalowski | usdjpy

Back below the 200 day MA. Battle between the levels now.

The USDJPY fell back below the 200 day MA at 110.162 and has moved down to retest the double top from May 2 and May 10 (see hourly chart below). Those swing highs came in at 110.02 and 110.01 respectively. Key test for the bulls if they are to keep the momentum going. 

A break will look toward the 38.2% and 50% at 109.95 and 109.797 respectively. The 100 hour MA lags behind those levels at 109.69. 

Holding and a move above the 200 day MA at 110.162 will be eyed. The price has trading above and below that line today, so there will need to be some momentum on the break for traders to believe.  

So far with the IP better than expectations, the support is holding but the price action is somewhat limited. 

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