Forex technical analysis: USDJPY retests broken MA level/broken trend line

Technical Analysis

Author: Greg Michalowski | usdjpy

MAs defining support/ resistance as London traders look to exit...

The USDJPY is up from the low and retests the 100 bar MA on the 4-hour chart. That was the MA that stalled the fall on Tuesday. Today if you look at the 5- minute chart below, the price stalled at the level today, and then fell back through it.  The break sent the price down to the next MA target at the 200 bar MA at 113.158.  A failed break of it, has sent the price back for the re-test.  Down and up.



Also at the resistance MA at 113.36 is the broken trend line. That MA line increases the levels importance technically on that intraday chart.  Stay below it and the bears still in control.  We could/should retest the lower MA.  Move above, and the dip buyers feeling some relief because the buyers are taking back some control (it is a first step, but a step).

PS. See hourly chart below for an intraday level to eye now for buyers...


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