Technical Analysis

Trades at day lows.

The USDJPY is down testing a trend line on the hourly chart at 111.045 (see chart below).

On the daily chart the 50% of the move up from the September low comes in at 111.02. So there is a couple of reasons that traders might be leaning against the level.   Be aware…

ON the wide (looking at the hourly chart), the pair remains between the 100 hour MA below at 110.846 and the 200 hour MA above (green line at 111.46).  Yesterday, the price used the 100 hour MA as resistance – until it didn’t. The break above sent the pair racing higher. The high in the early Asian session stalled ahead of the 200 hour MA (the price got to within 9 pips of the 200 hour MA).  

On a move lower, I would expect the 100 hour MA to find support buyers.

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