USDJPY tests MA support at 100 bar MA on 4-hour chart

Technical Analysis

Author: Greg Michalowski | usdjpy

Last time tested on Tuesday it held.  Key test as sellers in control still..

The USDJPY moved above the broken trend line outlined earlier but could not reach the 100 hour MA.   The better data was forgotten, the dollar turned around and went back lower. The USDJPY has moved to new session lows and just reached the 100 bar MA on the 4-hour chart at 113.35.

On Tuesday, that MA line was tested on a number of different bars and held support.  The price peaked just below the 115.00 level yesterday. The move higher is back to the MA line where the bottom was reached.  Key test. 

On a break, the 50% and the 200 our MA loom as the next targets to get to and through at 113.267 and 113.15.  

If support buyers hold the fall, a move above the 113.47-55 is close resistance. The 100 bar MA on the 5-minute chart is at 113.668 and moving lower. A move back above that MA would give some relief to buyers too (but it needs to stay above).