Pair also tests the 38.2% of the October trading range

The USDJPY has cracked below the 100 hour MA at 105.822 and has run to the 200 hour MA  at 105.671. The 38.2% retracement of the move up from the October 1 low is also in play at 105.657.  

The break has taken the price back into the up and down trading range that confined the pair toward the end of September and into October.  The risk is now a move back above the 105.80 September 30 high and the 100 hour moving average at 105.822. 

On the downside, the next target comes at the 50% retracement area at 105.519.

Yesterday the pair traded in a very narrow 17 pip trading range.  Today the price cracked below a upward sloping trendline, giving the sellers a small victory. The move below the 100 hour moving average and 105.80 level turned buyers to sellers and tilted the bias in that direction.
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