Helped by the USDJPY bounce and support near the 100 hour MA
The USDJPY and the JPY pairs all were on a path to the downside over the first 5 hours of the trading day.
That selling pressure took the USDJPY to a low of 111.348 - below trend line support at the 111.487 in the process. We have since seen that pair's price rebound toward the 112.00 level. The 100 hour MA and broken trend line looms above at 112.219. That is the ceiling for the day that should not be breached if the sellers are to remain more in control.
How about the cross pairs like the EURJPY and the GBPJPY?
Looking at the EURJPY, that pair fell to a cluster of support near the 100 hour MA and trend lines from lows and highs (the underside of a broken trend line (see blue circles). That was where support buyers should have tested the water on a fall and they did. Now, the price is back higher testing the low from Friday. Holding that level will keep the bears more in control.
Looking at the GBPJPY, this pair saw the price extend below the 100 hour MA (blue line in the chart below). It also fell below trend line support. Those breaks failed. however, and there has been a modest move back above the 140.00 evel (to 140.16). The price is trading back lower with the 100 hour MA at 139.63 ooming below as a level to get and stay below if the sellers are to take more control in this pair. Going back to election day, the price of the GBPJPY has not had a lot of selling below that MA line (see chart below). That increases the MA's importance on a break that DOES see more momentum selling. Keep that MA in mind going forward in your trading.
