The USDJPY has seen the price rise 14 of the last 16 days. Today, it is looking like a down day as trader flows head more into the European currencies (especially the EUR) on peace hope in Ukraine.
The USDJPY’s pair move to the downside today, has seen the price move below the 38.2-50% of the most recent trend move higher (see hourly chart below). That area comes between 123.13 to 123.59. The low price reached to 122.48 before bouncing. At the low the pair got within about 11 or so pips of the rising 100 hour MA. The price of the USDJPY has not traded below its 100 hour moving average since March 7.
There are other support targets at the rising trend line on the hourly chart at 121.78 and the 200 hour moving average at 120.976 (and rising). Get below those levels, and the sellers start to make more headway on the war.
Correction time? It seems that way.
Watch 123.132 (50% on the hourly) as close resistance. Stay below and sellers are comfortable for a change.