The USDJPY has seen volatile up and down trading over the last few days. The Bank of Japan came in and intervened, pushing the price down to a low of 145.484 before snapping back to the upside.
The subsequent high price move back to 149.454. That was just short of the 100 hour moving average 149.520. Sellers leaned against that moving average level. The price rotated back to the downside.
The price rotation has seen the price back down toward the 200 hour moving average. In the late London morning session, the price moved back below the lower 200 hour moving average (at 148.636 - currently at 148.69) before snapping back higher again (albeit within a more narrow trading range) late in the London morning session.
The New York morning session has seen a high price of 149.234 - ahead of the 100 hour MA above. The low over the last 3 hours has been skimming along the rising 200 hour moving average (green line). It will take a move below the 200 hour moving average – and stay below - to tilt the bias more to the downside. Stay above, and the traders battle remains in place with the 100 hour MA above at 149.52 and the 200 hour MA at 148.72 as support.
Key test at the 200 hour MA. Can the sellers push the price through and stay below?
