USDJPY fell below the 100-day moving average and moved down to the 200-hour moving average at 155.98. The price moved below this moving average before reaching a low price of 155.793 before rebounding higher. Recalling Monday’s trading after the intervention, price also went below its 200 hour MA on 4 separate hourly bars, only to fail on each of the separate hourly bar breakouts.
Can price NOW stay below this moving average and probe the decline? This is the question for traders.
The 50% midpoint of the April trading range is now the next target at 155.50. Moving below this level opens the door for additional downside momentum as more liquidations can be anticipated. Monday’s low reached 154.50 before starting to rise again.
At the top, staying below the 100 hour moving average at 157.028 is necessary to keep sellers in play.
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