USDJPY sees sellers leaning in opposition to the 100 hour MA at 103.969
The USDJPY tumbled out of a 37 pip vary yesterday close to the highs (see pink field within the chart beneath), and that opened up the draw back. The worth fell beneath its 100 hour MA to the 38.2%. After a stall there forward of the shut yesterday, the promoting continued within the Asian session as we speak.
That transfer decrease within the Asian session, took the worth to a low of 103.519 – simply forward of the 50% retracement of the January buying and selling vary (from the Jan 6 low) at 103.489, a swing line close to 103.506, and the rising 200 hour MA at the moment at 103.484. The cluster of assist gave consumers the world to lean, and shortly the sellers turned to consumers and the worth began its run increased as we speak.
The transfer increased took the worth to 100 hour MA at 103.971. That MA stalled the rise (the excessive reached 103.99) with sellers leaning in opposition to resistance. It should take a transfer above that MA after which the swing space at 104.028 to 104.089 to open up the upside extra. Failure to get above the 100 hour MA (and sellers are leaning up to now), and there might be a rotation again down towards the 38.2% at 103.702. If the market is in an up and down temper, the larger assist is outlined close to the sooner low close to the 50% and the 200 hour MA.
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