The fall below the 200 hour MA has led to more downside tilt
The USDJPY traded up toward the 50% and swing area between 107.394 to 107.44. In an earlier post, the price, I outlined the area as resistance but wanted to see a move below the 200 hour MA with momentum, to be a catalyst for the decline (see earlier post).
The price has moved back below that MA level. There has been some downside momentum. The buyers turned to sellers.
That momentum has now taken the price down toward the 100 hour MA. The price late yesterday and earlier today, saw the price trade above and below that MA level (blue line). A move below that MA at 107.124 - like the move below the 200 hour MA - will be eyed for more momentum. The 107.092 is another level that would help solidify the downside.
Buyers took the price to solid resistance and stalled as sellers took charge.
Now with sellers pushing toward support, it will be up to the buyers to see if they want to enter against the risk/bias defining support level. Ups and downs for the pair.
