The 200 hour MA stalled fall yesterday and today
The USDJPY is going against the USDs move against other currencies (CAD, AUD, NZD, EUR). The IP and Capacity utilzation just came out weaker which is contributing to some additional weakness.
The fall has the pair looking to test the 200 hour MA again. Yesterday, that MA was broken and then held on a dip. Earlier today, the price fell and stalled at the MA level (see green line). We just ticked to 111.49. The MA comes in at 111.478. We are already seeing some buying against the level.
Below the 200 hour MA, comes a series of other downside targets including the:
- 50% , 100 hour MA and 200 day MA at 111.42. Tough cluster of support there
- The 100 day MA is at 111.329.
The 61.8% retracement at 111.588 to the 111.62 is now risk.
Sellers are making another play but it is running into some strong support targets which may make the bearish sledding tough. It is what it is…