Dear
The USDJPY bounced higher in the Asian session and extended toward the high of a swing area between 115.68 and 115.786. The high reached 115.801- just above the high of that area – and backed off. The price is trading to a new NY session low at 115.49. The Asian session low reached 115.435.
Sellers will now use 115.685 as close risk. Stay below is more bearish.
On the downside the 50% midpoint of the move down from the February 10 high cuts across at 115.369. That would be the next target followed by the 100 hour moving average of 115.314. The 200 hour moving averages further below that level at 115.16.
Recall from yesterday’s trade, the price moved back above both the 200 and 100 hour moving averages (and also found support buyers against each of those moving averages). Moving back below them would tilt the bias back to the downside and give the sellers more control once again.
