On Friday, the USDJPY moved below its 100 hour moving average on risk off/dollar selling flows. The low price near the close approach the 200 hour moving average, but stayed comfortably above the level (green line currently at 115.512 in the chart above).
In the Asian session today, the price moved higher and retested the 100 hour moving average (blue line currently at 115.861), but found willing sellers against that moving average level.
The six so hours has seen a steady move to the downside. In the process, the price moved below its 200 hour moving average at 115.512. The low price reached 115.172 which was just ahead of the 38.2% retracement of the move up from the December 17 at 115.119. The pair was also supported by a swing levels at 115.211 and the 115.00 area.
A move below those levels would increase the bearish bias. As is, the correction is a plain-vanilla variety to the 38.2% retracement.
Having said that a corrective move to the upside should find sellers - at lease intraday - against its 200 hour moving average 115.512.
