The USDJPY has moved lower and tests the 100 and 200 hour MAs at 115.284 and 115.235. The low price just reached a new low for the day at 115.24. The current price trades at 115.29.
A move below the 200 hour MA would increase the bearish bias for the pair with the broken 38.2% of the move down from the Feb 10 high at 115.14 as the next target, followed by the 115.00 natural support. A swing area cuts across at 114.945 to 115.00 as well. Move below those levels and the door opens for more downside momentum.
Hold the hourly MAs now and a move above the 50% midpoint at 115.369 would be needed to be rebroken to give some relief to the buyers/longs.
This article was originally published by Forexlive.com. Read the original article here.