Hourly chart support being tested.

The USDJPY has moved down to a new session low and in the process is testing the 200 hour moving average at 105.961 and a upward sloping trendline at 105.937.  That trend line has 4 points currently (see red numbered circles).

Key level for both buyers and sellers and for the shorter term bias for the pair. Stay above and the correction lower may be over. Move below and further downside momentum would be eyed.

For bank trade ideas, check out eFX Plus



Source link