Bounce but still pressured
The USDJPY moved down to test the 100 day MA and trend line target at the 112.23 to 112.327 area. The low reached 112.264 and bounced (see prior post).
The bounce took the price to 112.49. The 112.57-657 is now resistance (was support – see hourly chart below). The move lower also tested (and breached briefly) the 112.299 swing low from November 20.
We are currently back down testing that 100 day MA. It is a key level. A break below should lead to more selling momentum.
On more dollar selling:
- 111.372. Low from October 26.
- 110.745. 38.2% retracement, and the
- 200 day MA at 110.533 are potential targets over time