USDJPY tests the 100 hour MA. Traders looking for a break to increase bearish bias

100 hour moving average at 103.663

100 hour moving average at 103.663_
The USDJPY is down testing (and now breaking) below its 100 hour moving average at 103.66. That moving average has been tested of the last 24 or so hours and has found buyers near the level.  A break with momentum will be eyed and would tilt the bias more to the downside for the sellers.

Earlier today, the pair reestablished the downward sloping trendline as resistance (see red numbered circles). The inability to move above that trend line gave sellers to go ahead 2 push lower.  Yesterday the pair broke above that level only to find resistance near a swing high area near 103.93.  That breaks failed (see red shaded area in the chart above).

Source link