USDJPY
USDJPY tries to stay below cluster of MAs

The USDJPY fell below the 100/200 hour MAs and the 100 day MA today (the blue and green smooth lines and the step blue line). That cluster of MAs come in between 136.286 and 136.45. The US session high reached 136.39. The current price is trading at 136.31.

On the downside, the low reached 135.93. That low did extend below the 50% midpoint of the move up from the February 24 low at 135.979, but momentum soon faded.

That 50% level needs to be broken, with the low from Tuesday, the next target at 135.52. the Monday low comes in at 135.36. A swing area is below that between 135.11 to 135.22.

Admittedly there are a number of targets to get to and through but those are the hurdles when the market starts a corrective move.

Bigger picture....the highs seen in the USDJPY this week from yesterday's trading saw the USDJPY move above the 200 day MA (see higher green line on the chart above currently at 137.444). That break to the upside should have led to more momentum buying, AND it did initially.

However, the that break could not be sustained. The price moved back below the 200 day MA was rebroken midday yesterday, and the price scooted down to the 100 day and 100 hour MA. Dip and risk focused buyers leaned against those MA and bounced the price higher once again and into the close. .

Today, in the early Asian session the price retested the 200 day MA and found sellers (at 137.44). That gave the sellers the go-ahead to push lower.

So although buyers and sellers continue to battle, the sellers today have been more dominant. Staying below the 100 hour/200 hour MAs will keep them in control in the short term at least (with more work to do on the downside).