USDJPY tests the day and midpoint of recent trading range

Technical Analysis

Author: Greg Michalowski | usdjpy

109.439 is the midpoint and near lows for the day

The USDJPY - like other currency pairs - are having a choppy time of it today. The price based in the London session right near the 50% midpoint of the range since May 25.  The price since the CPI saw a spike up toward 109.791, and has now seen a full retracement back down toward the lows. The pair is testing the 50% and the swing lows from earlier in the day.

109.439 is the midpoint and near lows for the day_
A move below would have traders looking toward the 109.32 to 109.36 area.  Below that and the lows from Monday, Tuesday and Wednesday between 109.183 and 109.218 will be targeted. 

On the way down, the price has moved back below its 200 hour moving average at 109.604 and 100 hour moving average at 109.472.  I would expect the 200 hour moving average to be resistance now, but with the choppy price action today, anything is possible.   Nevertheless, the level should provide some resistance and give traders a bias tilt. 

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