USDJPY lower and hangs below the 100 hour MA

...but price is not going far

The USDJPY is lower on the day. The tilt lower started in the Asian session after the pair could not extend above its 100 hour moving average (blue line).  Sellers leaned, and that tilted the bias to the downside. 

Having said that, the last 12 or so hours has seen the price waffling up and down between 113.49 and 113.656. That's only a 16 pip trading range.  

Needless to say, the buyers and sellers are battling it out with a tilt to the downside on the technical resistance against the 100 hour moving average. 

Going forward, it will take a move above the 100 hour moving average, and then the 200 hour moving average at 113.988 to increase the bullish bias. Absent that and the sellers remain in control with 113.396, 113.279 and the 38.2% retracement of the move up from the October 4 low at 113.211 as the downside targets to get to and through to increase the bearish bias.  

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October 29, 2021 at 01:29AM
Greg Michalowski
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