The 100 and 200 hour MAs are at 105.272.
The USDJPY open lower and then the move down to test the 38.2% retracement of the move up last week in early Asian trading. The price based against that retracement level, and moved up to a new session high but below resistance at the 107.73 level.
The last 11 or so hours have been a steady move to to the downside (10 of the 11 hours have seen a lower level vs the previous bar). We currently trade near session lows at 105.458 and now below the 38.2% retracement at 105.697. That is now close risk for short.
The next downside target comes in at the converged 100 and 200 hour moving averages. Those moving averages come in at 105.272.
