The USDJPY fell sharply but after breaking below its 100-hour moving average at 150.283 and the 50% midpoint of the move up from Monday’s low at 150.252, the buyers showed up near the 200-hour moving average at 150.129. The low price reached 150.14.
The price is back above the 100-hour moving average 150.385 on the bounce.
Recall that the high going back to October 2 reached 150.154, just above the low for the day. The 150.00 level is another downside target that if the 200-hour MA can be broken, would be the next downside target.
This article was written by Greg Michalowski at www.forexlive.com. Source