Mired in the range
The USDJPY has rotated lower today. It never got to the 200 day MA at 110.205. The high yesterday 110.028. The move higher yesterday moved above the 50% retracement on Tuesday and stayed mostly above in yesterday's trading. The MA comes in at 109.664.
Today, the momentum stalled. The price moved below the low from yesterday at 109.59 and stepped lower. Lower stocks and lower yields are helping the weakness.
The run lower moved below the 109.45-53 area (yellow area in the hourly chart below - see post from yesterday "USDJPY remains between the 100 and 200 day MA, and above the 50% into the Fed. What levels should you eye?") and 100 hour MA at 109.48 (in that yellow area). A trend line near that MA and swing area was also in that area. That was a key aree to break below and turned the bias down technically. Because of all the "stuff" there, it remains a key ceiling once again.
Later, the 200 hour MA at 109.26 was also broken. . That MA is a close risk level now for shorts.
The low has extended to 108.923 so far. The 38.2% of the move up from the April 17 low comes in at 108.825. The 100 day MA comes in at 108.719.
Like at the highs when the price got "near" the 200 day MA, the price is getting close to the lower 100 day MA (blue line in the daily chart above).
