100 hour MA is also in play
The USDJPY is trading lower today, helped by lower rates and lower stocks. The futures in the US are projecting a lower opening with the Dow down -141 points and the Nasdaq down about -50 points.
The European session has seen more up-and-down action, with a lower trend line and below that, the 100 hour MA giving traders cause for pause. That trend line was just re-tested in the current hour at 109.35. The 100 hour MA is at 109.32. A break below each should solicit more selling in the pair. The 109.189 was the swing from January 16. The 30.2% retracement of the move up from the January 10 low comes in at 109.073. Those levels will be the next targets on more weakness.
Drilling down to the 5 minute chart below, the price has been waffling above and below the 100 bar moving average, but staying below the 200 bar MA at 109.498 and moving lower). Those MAs will be barometers for the bulls and bears. If the price stays below, the bias is more bearish. Move above and the bearish waters turn a little more bullish...
