USDJPY cracks lower. Retracing gains for the day.

Technical Analysis

Author: Greg Michalowski | usdjpy

USDJPY moves toward closing level after breaking below trend line/100 hour MA

The USDJPY has made a run to the downside in the last hour of trading. The move took out the 100 hour MA (been trading above and below the MA level today) AND the rising trend line (had not broken below that trend line today - see green numbered circles).   The combination, tilted the technical bias more to the downside intraday.

USDJPY moves toward closing level after breaking below trend line/100 hour MA
The fall has taken the price back toward the close from yesterday at 103.834. The pair is trading just above that level now.  The Asian session low reached 103.783. Reaching it, would complete the up and down lap in the pair today.  A move below that level would then target the 38.2% retracement of the 2021 trading range at 103.702. The rising 200 hour moving average comes in at 103.598. Ultimately if the bears are to take more control, getting below both those levels are important hurdles.

The most recent high for the day stalled at the topside trend line which gave sellers the go ahead to start the run lower (see red numbered circles)..  

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