USDJPY sees sellers leaning against the 100 hour MA at 103.969
The USDJPY tumbled out of a 37 pip range yesterday near the highs (see red box in the chart below), and that opened up the downside. The price fell below its 100 hour MA to the 38.2%. After a stall there ahead of the close yesterday, the selling continued in the Asian session today.
That move lower in the Asian session, took the price to a low of 103.519 - just ahead of the 50% retracement of the January trading range (from the Jan 6 low) at 103.489, a swing line near 103.506, and the rising 200 hour MA currently at 103.484. The cluster of support gave buyers the area to lean, and soon the sellers turned to buyers and the price started its run higher today.
The move higher took the price to 100 hour MA at 103.971. That MA stalled the rise (the high reached 103.99) with sellers leaning against resistance now.
It will take a move above that MA and then the swing area at 104.028 to 104.089 to open up the upside more.
Failure to get above the 100 hour MA (and sellers are leaning so far), and there could be a rotation back down toward the 38.2% at 103.702. If the market is in an up and down mood, the bigger support is defined near the earlier low near the 50% and the 200 hour MA.
Levels have been defined, and the MAs are setting the extremes.
