200 hour MA broken on the USDJPY and the price tumbles lower…
The lower green line on the USDJPY at 111.255. That is the 200 hour MA overlayed on the 5-minute chart. The crack of the MA line (after two tests earlier today), led to stops being triggerd and a run to a new day low at 111.12. The 100 hour MA is now risk.
The bearish run lower got help (and the bias lower) when the price could not get above the 200 bar MA at 111.36 area (see higher green line). Buyers turned to sellers and ran lower.
Taking a broader look at the hourly chart below, the 38.2% of the move up from the March 25 low comes in at 111.007. That level and the 100 day MA at 110.956 are the next key targets on the downside. They need to be broken to give the sellers from above, more confidence (and weaken the more of the recent bullish run). Key area from 110.956-111.00.