The USDJPY has support at 109.44-46 and is using the 100 hour MA as resistance.
In a post I wrote at the start of the day, I penned:
Clearly, traders are picking spots to lean and keeping options open. The overall trend/bias is still tilted more to the downside (being below the 100 hour MA should keep buyers cautious). However, there is hope that if stocks reverse and move higher. That the tone of US China changes, that 100 hour MA can be broken. Was it done yet? Nope, but if it is broken, there could be more upside.
Until then the battle line for this pair is at 109.44-46 and 109.72-754. That’s the battle zone NOW.
Well traders leaned at the support below at 109.44-46, stocks rebounded and the 100 hour MA has just been tested (again). There are now three tests of the 100 hour MA (currently at 109.705), and three tests of the lower swing level (at 109.44-46).
The battle lines for this pair reman at 109.44-46 and 109.72-754. Repeating myself, that’s the battle zone NOW.