Below the 100 day MA but above a lower trend line
The USDJPY has extended lower today and in the process moved below its 100 day MA (blue line at 111.31). The pair, however, has stalled along a lower trend line and over the last 10 or so hours has ping-ponged between its 100 day MA above and the trend line below.
The trend line currently comes in at 111.175 and will need to be broken (as well as the low for the day at 111.15), to keep the bearish technical run going. The low from March 13 and lower channel trend line comes in around 111.00, and will be the next technical targets.
A move back above the 100 day MA will disappoint shorts and have traders looking toward the other MAs above including the:
- 200 hour MA at 111.388
- 200 day MA at 111.430
- 100 hour MA at 111.478.
Sellers are in control below the 100 day MA though with work to be done to keep the bearish run going.
