Technical Analysis

Moves back toward levels from last week/MAs

Yesterday, at this time, the USDJPY was pushing against a topside trend line (see chart below). In fact, that trend line was tested (and broken) on three separate occasions, with each failing (see red shaded area). After the third failed attempt, the buyers turned to sellers. The price moved lower.  

The price – as I type – is now falling below the lows from yesterday at 112.798 and the price is now targeting the 112.739 and 112.668 swing highs from last week’s trading.  

Below that is the 38.2% retracement at 112.612 and then the 100 and 200 hour MAs ata 112.50-52 area.  I would expect that those MA levels would attract buyers on a test (on furhter weakness. 


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