USDJPY retest the 100 hour moving average for the 3rd time today

Technical Analysis

Author: Greg Michalowski | usdjpy

The USDJPY as not had a close above its 100 hour moving average since January 21

The USDJPY tests its 100 hour moving average in the 1st hour of trading today and found sellers.  Later in the Asian session the moving average was retested again and found sellers.

The USDJPY as not had a close above its 100 hour moving average since January 21_
In the current hour, the price moved once again up to that falling moving average line at 109.179, and has so far found sellers for the 3rd time.

The pattern is consistent but that can change of course.  A move above should solicit more buyers.

On the downside on Monday and again on Tuesday the price got within about 6 pips of its 100 day moving average. The low today is well above that moving average at 108.694 (the low reached 109.00 so far today).  Move below that natural support level and there could be more selling.   

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