100 day MA is broken. Can the sellers keep the price below the key MA level (and close below)?
The USDJPY is currently trading below its 100 day MA at 111.55. The price moved below the MA back in September and in August, but each break was quickly reversed. Today’s break has a little more “breach” and continues to trade under the level. Of course the MA line is higher than the prior breaks, so it is an easier hurdle.
The price has moved to the next closest target at the 111.39 area. Going back to May that was a swing high. It also has been swing levels periodically. A move below it will open the door for a move toward the 38.2% at 110.747. That level would still be above the September low at 110.428.
Right now, look for sellers against the 111.55. Stay below and selling could intensify.