USDJPY falls below 61.8% and swing area
The USDJPY has fall to new session lows after the weaker than expected retail sales report. In the process, the price has now moved below the 61.8% retracement of the move up from the November 9 low at 104.129. The pair is also below a swing area between 104.107 and 104.153. The next target comes in at the 104.02 level. That was the swing low going back to October 29. Move below that level (and 104.00) would likely open up the door for further downside probing. Close risk is now 104.153. More conservative risk for sellers looking for more downside momentum would come at 104.36 area.
Yesterday, the price moved up and then backed down. In the New York session, the price fell back below its 200 hour moving average (green line currently at 104.614) and found sellers against that level into the Asian session (the high reached 104.56 toward the end of the Asian session). Staying below that level kept the bears in control. The move below the 50% retracement at 104.424 and then the swing low from yesterday at 104.361, The bearish bias firmly intact.
