Steps lower in trading today
The USDJPY has been forced lower on the back of concerns about trade, weaker data today (housing and empire manufacturing) and a negative technical picture.
At the Asian session high today, the pair stalled at a swing area in the 113.495-517. The fall from there took the price below the:
- 100 hour MA at 113.407
- Trend line at 113.229
- 38.2% and 200 hour MA at 113.12-14, and most recently the
- 50% at 112.969.
The price has moved to a low of 112.865. The 61.8% comes in at 112.796 and is the next downside target in the bearish progression.
The price - as I type - has been trading above and below the 50% level and below the 113.00 level. That is close risk for shorts now.
Above that, the 200 hour MA and 38.2% at 113.12-14 is another key level to stay below IF the sellers are to remain in control.
