The pair failed on the move above trend line/recent swing highs
The USDJPY as continued its move to the downside after failing on a break above recent swing highs and a topside trendline.
However, the fall has now run into the 100 hour moving average at 109.974 and the the Asian session low at 109.976. That may give traders some cause for pause. At the very least, risk focused traders can define the risk and limit risk near the level. Stay above and the dip buyers against support are comfortable. Move below will increases the bearish bias.
Having said that, the 100 hour moving average is just one of the technical levels in the area . The 50% of the range since the August 11 high comes in at 109.950. Below that is the 200 hour moving average at 109.90.
Ultimately, getting below all three of these levels would be needed to increase the bearish bias going forward.
