The early buying of the USD in the North American session, took the price above its 100-hour moving average near 145.70. The high price reached 145.755 and 145.733 consecutive hourly bars. However, momentum could not be sustained (with the next key target at 145.90), and short-term buyers were forced to liquidate. The price has moved lower over the last few hours.
The move to the downside has reached a new day low at 145.129. That is still just above the high of the swing area and low price from Tuesday’s trade at 145.10. A move below 145.10 would have traders targeting the 200-hour moving average near 144.891. The price has not traded below the 200-hour moving average since August 7.
In the morning video, I outlined the key levels in play today. You can see my USDJPY analysis starting at 3:27 in the video below.
This article was written by Greg Michalowski at www.forexlive.com. Source