200 hour MA approached
The USDJPY has just cracked below its 200 day moving average (upper green line) at 105.481.The price has been trading above and below its 200 day moving average over the last week or so of trading. It still remains a barometer for bulls and bears (stay above is more bullish. Move below is more bearish)
The next target comes in at the 200 hour moving average 105.334. The price on Friday extended down toward that moving average level, only to find buyers leaning against the level.
It would take a move below it (and the 50% not far away at 105.311) to open more downside probing with swing lows from Friday and Tuesday at 105.235 and 105.176 as other targets to get to and through. Move below and the 61.8% retracement at 105.096 and the natural support at 105.00 become the next targets.
The 200 day moving average is now risk for shorts looking for more downside. Stay below keeps the bears in control.