Forex technical analysis: USDJPY retests 100 hour MA. Key level traders.

Tested those MAs in the Asian session

The USDJPY is all the way back down after the test of the converged trend lines, did in fact stall the rally at the 107.09-12 area (see earlier post).

The pair is now back downs and retesting the 100 hour MA at 106.48 (blue line in the chart below). The 38.2% of the move up from the March 2nd low is also in the area.

Key bias area for traders.

In the Asian session, the 100 and 200 hour MAs were tested and held (see blue and green lines).

Now, the 100 hour MA (blue line) is moving away from the 200 hour MA (green line). So it is a solo MA test currently.

Nevertheless, it still represents a key bias level for traders. Stay above, more bullish. Move below and the unravel of the move higher today continues.