Looks to test rising trend line and 100 hour moving average
The USDJPY has moved down to test the Asian session lows for the day. The low reached 105.29 in the 1st hour of trading. The low price just extended to 105.307.
Also being tested is a rising trend line on the hourly chart connecting the lows from February 1 and February 4. The 100 hour moving average is also being tested at 105.28. The price has not traded or close below that moving average since January 27.
Helping the downside is that the price highs reached on Friday and again today were able to extend above there 200 day moving average currently at 105.560 area. The inability to stay above that moving average level was disappointing to the buyers. We are seeing that disappointment over the last 4 hourly bars, with the price moving lower.
Nevertheless there is work to do in getting below the 100 hour moving average and the trend line. A break below would target the swing hi from February 2 at 105.168. Below that is the swing low from Thursday's trade at 104.969 followed by the rising 200 hour moving average at 104.909.
