100 day MA at 111.509
The USDJPY has moved lower, falling to the lowest level since April 11 and in the process is testing the 100 day MA at 111.509. The low just reached 111.531.
The pair has been confined to a narrow trading range but ran higher yesterday, breaking out in the process. The price did extend to a high of 112.389, but moved back into the trading ranges and below the 100 and 200 hour MAs. In the NY session the high stalled against those MAs at 111.90-929 area, given sellers to go ahead to push lower.
When the market non-trends, you look for the breaks and runs. When it breaks, runs and then fails, that is not good. So sellers now have their break opportunity. The 200 day MA will help to help confirm the bearish story on a break. Alternatively, it could be the end of the road for the sellers?
For buyers against the level, moving back above 111.75 will be a topside hurdle and then the 100 and 200 hour MAs again.
