The 200 hour moving average is support below and the 100 hour moving average is resistance above
The USDJPY cracked below its 100 hour moving average yesterday and that turned buyers and the sellers. The price fell until it reached support near the 30.2% retracement and the rising 200 hour moving average (green line in the chart below).
Today, the price action has seen more up and down choppy trading as the price consolidated between the 2 moving averages. The 100 hour moving average since above at 109.476. The 200 hour moving average is below at 109.238.
A break above the 100 hour moving average would look toward the highs from this week and last Friday at the 109.67 to 109.70 area.
A move below the 200 hour moving average would have traders looking toward the low for the week at 109.17 and then the 109.076 level (50% retracement).
