USDJPY stalls at 200 day MA. Back below 200 hour MA and 50%

Friday’s high stalled at the level too

The USDJPY reached a peak today at 110.209. The 200 day MA is at 110.199. Sellers entered against the level and is rotating back down.  PS. The 200 day MA held on Friday as well.  So two tests and two holds. Sellers are using the level to define and limit risk.   

The move off the 200 day MA has taken the price below the 200 hour MA (green line) and the 50% of the move down from the June 15 high at 110.139 area.

As traders, we have to respect the holding of the 200 day MA TWICE. That could turn the beat around (or at least attract sellers on rallies).  

Going forward, a close sell level – ahead of the 200 day MA – would be at the 200 hour and 50% at 110.139.  Traders may line up there, with stops above the 200 day.  

A target is the 100 hour MA below at 109.93.