USDJPY has extended lower, reaching a key moving average (MA) cluster highlighted in earlier posts. This support zone, spanning 152.71 to 153.03, includes the 100-hour, 200-hour, 100-day, and 200-day MAs. The pair just touched a low of 152.917 within this range before bouncing slightly.
If this support holds and USDJPY reclaims the 153.26–153.46 swing area (a level dating back to November), the bias could shift back to the upside. However, failure to hold above the MA cluster may open the door to further downside.
This article was originally published by Forexlive.com. Read the original article here.