USDJPY trades near MA/retracement support to start the trading week

The USDJPY is off to a quiet start and little changed in early Asian-Pacific trading. The current price for the USDJPY trades around 141.82. That puts the price still above its 200-hour moving average (green line in the chart below) at 141.686. Just below that is a 38.2% retracement of the move up from the July 28 low to the high price seen the last Thursday at 141.656.

Both those levels will be close support in trading here today to start off the trading week. If the price should fall below those levels, the traders will next target a swing area between 141.187 and 141.319. Below that is a 50% midpoint of the same move higher from July 28 low. That midpoint level comes in at 140.969.

If support does hold against the 200-hour moving average and 38.2% retracement (down to 141.656), the buyers are still in control with a swing area high at 142.07 as the next target to get to and through to give the buyers more confidence. Above that and traders will look back toward the highs from Friday’s trade near the 100-hour moving average at 142.764.

This article was written by Greg Michalowski at Source