Looks toward the 200 hour MA target
The USDJPY is trading to a new session low in early New York trading . The pair hsa been trending more to the downside in the London morning session after trading up and down in the Asian session.
Apart from a few peeks above the 100 hour moving average in the early Asian session (which quickly faded), the price remained below that moving average level keeping the bears more in control. The next target comes in at the 200 hour moving average at 106.195. The price has traded above the 200 hour moving average since August 6. Also near that moving average is the 50% retracement of the move up from the August 6 low at 106.168. The combination could see some dip buying, but look for stops on a break below.
Close risk is the the broken swing area at 106.375 to 106.40 area. That is home to the broken 38.2% and the swing area at 106.408.
