Technical Analysis

Held the 50% on the hourly chart earlier today

The USDJPY moved down and away from the 100 hour MA and 100 bar MA on the hour chart in the Asian session (blue line in the chart below) and when the 200 bar MA on the 4-hour chart was broken today (green line currently at 109.625), the race lower was on.  That move took the price through the 200 hour MA and toward the 50% midpoint of the move up from the May 29th low at 109.18. The midpoint held, and the price started the rotation higher.  

The corrective move has taken the price back toward the 200 bar MA on the 4-hour chart at 109.625. Recall, that the moving average was tested on Monday and again on Tuesday.  Yesterday it was broken but the fall was stalled at Tuesday’s low.    

So we move back for a retest of what was support but is not resistance.  Do the sellers reenter and keep a lid on it?  That is what I will be looking for traders to do.

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