The USDJPY moved lower in the Asian session reaching a low just above the 38.2% retracement at 137.83. The low price reached 137.882. Since then, the price has been waffling up and back down. The last low saw the pair move back below the rising 100 hour moving average (blue line currently at 138.055). The low price reached 137.965.
The current price Is trading at 138.07 just above the 100 hour moving average. Getting and staying below the 100 hour moving averages is Step 1 if the bears are to take more control. Step 2 would be to get below the 38.2% retracement of the last trend move up from the July 8 low, and then the swing area between 137.74 and 137.859.
Moving below those 3 levels is needed to increase the bearish bias and give the sellers more confidence of a further run toward the 50% retracement at 137.35 followed by the rising 200 hour moving average 137.20.
Absent a move below the 38.2% retracement and staying below, keeps the buyers more in control.
