USDJPY trades lower and tests key moving average. Buyers enter at level on the first test.

The USDJPY has continued its run to the downside and in the process did reach its target against the 200 bar moving average on the 4- hour chart at 149.147.

The price dipped briefly below the level but has since bounced back and currently trades at 149.27. It would take a move back below the 200 bar moving average and then the 38.2% retracement of the move up from the February 1 low, to increase the bearish bias. That level comes in at 148.966, and represents the minimum retracement target that shows the sellers can take back more control.

This article was written by Greg Michalowski at Source