Like the EURUSD, the USDJPY is testing the underside of the broken trend line and the 200 hour MA (the EURUSD is testing the 200 hour MA as well).
The USDJPY is up testing the underside of the broken trend line and 200 hour MA (green line)
The levels come in at the 119.41-46. The move move below the 200 hour MA is only the 3rd time, the pair has moved below this MA since October 21st. The move lower did solicit stop selling down to the 50% where is held support (Move up from the November 7th low). So there is some reason to cheer for those buyers, but this is the chance for the sellers to show they mean “more business” than the other feeble corrections of the path. So I am expecting selling here with stops above. It is worth a shot on the 1st retest. The 1st low of the day came in at 119.528. The price should not go back above this area.