Falling below 100 hour MA
The USDJPY was able to hold below the 38.2-50% of the move lower on the weaker US data (see yellow zone in the 5 minute chart below and previous post), and the pair has been able to move back below the 100 hour MA (blue line in the hourly chart below) and the 38.2% retracement at the 119.20 area. .
Shorts will now expect more momentum to the downside on the break. This is the second look below this support level (see hourly chart). The market typically does not take too well to failed back-to-back breaks below key support levels. So look for further momentum with a tight leash it.
