Can the sellers shove the price lower on the break this time?
The USDJPY has dipped back below its 100 hour moving average at 114.193. Earlier in the day, the price dipped below the MA level but only by about 2 pips before rebounding higher. This is the second attempt. Can the sellers shove the price lower and start a corrective move lower?
There are a number of downside target including
- 113.98. Near the swing lows from last Friday and Monday.
- 113.87. The low from yesterday came in at 113.87
- 113.78. Upside trendline on the hourly chart
- 113.66. Rising 200 hour moving average
As posted earlier, the buyers had their shot on the move above the 2018 high price at 114.54. That shot missed and the price started to rotate to the downside. Now the sellers have a shot. Can they take advantage of it?
