Trading away from its 100 hour moving average, but still above its 200 hour moving average
The USDJPY is moving lower and in the process looked to test its 38.2% retracement of the move up from the September 22 low. That level comes in at 110.943. The low price for the day has reached 110.95 so far.
Buyers have leaned against that level and pushed the price modestly higher to 110.033. A move below is needed to increase the bearish bias with the next targets near a swing area between 110.77 to 110.809 and below that, the rising 200 hour moving average at 110.712.
