Pair could not muster much momentum above 200 bar MA on 4-hour chart
The USDJPY has dipped to new NY and London session lows at 112.86. In the process, the pair dipped below the 100 and 200 bar MA on the 5-minute chart (blue and green lines in the chart below). The price has not traded below the 200 bar moving average today. The Asia-Pacific flow came in at 112.63.
The USDJPY gapped higher over the weekend. So the pair remains higher than the Friday close at 112.16. The pair was able to move above the 200 bar moving average of four hour chart at the 113.007 level a few separate times. However, the highest I could only reach 113.083. So there has been some reluctance to move materially higher.
It is not racing. The pair is more corrective after not being able to make much progress above the 113.00 level. Watch the 112.63 on a continued decline. That area made a pretty good floor in the Asia-Pacific session. On the topside, and moved back above the 100 bar MA and then the 113.00 level will take the corrective sting away.
