100 day MA and 50% retracement eyed
The USDJPY is trading at new lows for the day. The pair is approaching the 50% of the 4 month trading range at the 118.783 level. The 100 day moving average is also at that level currently.
Yesterday, the price broke below both key levels but the momentum could not be sustained (see chart below). If the sellers are to take more control in this pair, getting and staying below this key borderline is needed going forward.
With the activity light today, a move back above the broken trend line on the 5-minute chart below and/or the 200 and 100 bar MAs (they are close to converging) would turn the bias back higher. The current price is more or less trading between those levels.
