USDJPY bounces off the 200 hour MA. Key support stalls the fall.

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 Source