USDJPY corrects lower and cracks below some technical levels, but stalls ahead of the 38.2% retracement
The USDJPY has corrected lower in trading today. The selling began in the first few hours of trading and in the process, fell below a trendline and 100 hour moving average, the 200 day moving average at 109.00), but could not extend below the 38.2% retracement of the move up from the November 1 low. That came in at 108.87. The low for the price reached 108.89.
The price has just move back above its 200 day moving average and looks to test the 100 hour moving average (blue line) at 109.084. A move above that level, would take more of the bearishness out of the run lower today. The underside of the broken trend line currently comes in at 109.16 (and moving higher).
The price of the USDJPY is lower on the day but the worst may be behind after the momentum stall. Traders will be watching the 100 hour moving average above for additional by us clues intraday.
