Price remains below the 100 hour moving average for the fifth consecutive day
The USDJPY moved higher in the Asian session and into the early European session, with the high price reaching 113.33.
That peak stalled ahead of its falling 100 hour moving average (blue line). The moving average at the time was at 113.383. The current moving averages lower at 113.294 (and moving lower).
The price moved below the 100 hour moving average last Friday, and has stay below that moving average since then. The consolidation of the last few days has allowed for the moving average to catch up with the price. Nevertheless, it will take a move back above the 100 hour moving average to tilt the bias back to the upside from a technical perspective. Absent that and the sellers still remain in control.
The rotation lower (from the MA) has retraced the full move to the upside today. The Asian session low came in at 112.70. The low reached that level on the move back lower and is finding some support buyers. That level was also a swing low yesterday and a swing low from Tuesday's trade before raking to the 112.524 extreme level. A move below 112.69 would have traders targeting that low.
