Stay below is more bearish in the short term.
The USDJPY has just cracked below the 100 hour MA at 108.565. In Tuesday’s trade, the price fell below the moving average on two separate hourly bars (see blue line) but each rebounded and closed above. Traders leaned against the moving average on subsequent tests.
The break tilts the bias more to the downside but traders will want to see the price stay below the level.
The next targets include the low from yesterday at 108.445 and the low from Monday at 108.412. The best one-July 16 reach 108.37. The 30.2% retracement is at 108.279 (was also highs from July 23). Finally, the 200 hour moving average is at 108.239.