The USDJPY is the biggest mover among the major currency pairs versus the U.S. dollar today, sliding -0.62% on the session. The decline pushed the pair back below a swing area between 149.12 and 149.17, and then through the 100-hour moving average at 148.83. Selling momentum, however, stalled as buyers stepped in just ahead of the 200-day moving average at 148.42, with the day’s low so far bottoming at 148.47.
This leaves the market caught between two major technical markers — the 100-hour MA above and the 200-day MA below — creating a standoff as traders reassess the next directional push. The backdrop is particularly important following last week’s sharp run higher, which had seen buyers firmly in control before today’s retracement.
For now, the battle lines are drawn. If the price fails to hold above the 200-day moving average, it would likely invite fresh selling pressure, with a further break below the rising 200-hour moving average at 148.24 serving as confirmation of a shift in bias to the downside. Conversely, if buyers can re-establish control and push the pair back above the 100-hour moving average at 148.83, the door reopens for renewed upside momentum.
In short, with the USDJPY trading squarely between its key moving averages, the next breakout — either higher or lower — will be critical in determining whether the recent uptrend can resume or whether a deeper correction is in store.
