UPDATE: USDJPY falls to MA support targets and bounces on the first test

In the kickstart video, I spoke to the USDJPY’s inability to get above the ceiling area between 151.91 and 151.96. The price decline has continued in the early New York session as risk off sentiment has pushed the price lower.

In the process, the next targets at the 100-hour moving average 151.647 and the 200-hour moving average 151.562 have been tested. The 100-day moving average was broken, but support buyers did come in against the lower 200-hour moving average.

The current price is back above the 100 hour moving average. It would now take a move back below it and the 200-hour moving average to increase a bearish bias.

Sellers are taking a shot. The initial one, stalled at support. Can they keep the momentum going and push below the target levels or is this it?

This article was written by Greg Michalowski at www.forexlive.com. Source