Trend line and 100 day MA hold support
The USDJPY bulls were hit after:
- The break to new highs failed
- A lower trend line was broken (at 109.12 now)
- The 100 hour MA (blue line at 109.056) was broken
But the bulls/buyers are still standing after a lower trend line at 108.90 and the key 100 day MA at 108.876, stalled the fall (the low reached 108.896).
The fight goes on with the 100 hour MA at 109.056, and the underside of the broken trend line at 109.12 as resistance, and the key 100 day MA and trend line as support (at 108.876-90).
The high correction reached the 100 hour MA. So sellers are trying to keep a lid on the pair at the lower level. Holding would give shorts another chance to take a run at the 100 day MA line.
PS. It is Friday. Friday’s can be influenced by the flows from the buyers and sellers into the weekend. So although technical levels are in play, things can get choppy too….