What levels to eye technically
The USDJPY is trading near unchanged on the day in what has been an up, down and back up day.
The low for the day did move below the 38.2% of the move up from the Tuesday low. That comes in at 109.592. A trend line is near that level now. A move back below the 109.59 level should solicit more selling.
Further lower, the 50%/trend line/100 day MA at the 108.91 to 109.05 area is another key area for the bulls/bears. Move below and the bears take back more control.
Now, the price is off those level now and trades near the underside of a broken trend line at 110.66. That trend line was broken earlier today. The price moved lower. On the rebound, traders would like to see the underside of the trend line to stall the rally. The price did move above, but there is some apprehension. Watch that level at 110.66. If sellers start to lean, we could see a rotation back down.
Drilling down to the 5 minute chart below, the 110.298 is home to the 200 bar MA (green line in the chart below). The swing highs were near that area too. Is that a floor now? Stay above is more bullish.
If that area is broken, the 100 bar MA at 109.99 (call it 110.00) will be eyed.
