100 hour MA at 110.074 and 200 hour MA at 109.911
The USDJPY trades between the 100 and 200 hour MAs after falling below the 100 hour MA for the first time since January 8th.
Over the last 7 trading days, the price has been consolidating in up and down trading. That has allowed the two MAs to catch up to the price. It is now time to push higher or lower. Decision time and the MAs will be a barometer for the market. Move above the 100 hour MA (and stay above) is back to being more bullish. The 110.20 and the high from last Friday at 110.283 become the next targets.
Move below the 200 hour MA and bias shifts more to the downside.
On a break lower, the 109.675 to 109.723 are swing level going back to early December. On January 13, the price broke above the level and has stayed above it since that time. More downside momentum that takes price below that area would increase the bearish bias.
