The USDJPY is pushing to the downside over the last few hours of trading making new session lows in the process. Technically, the price has moved below the 50% midpoint of the move down from the June 30 high. That level comes in at 141.149. The low price just reached 140.845.
Technically if the price stays below the 50% retracement level, the short-term bias is more to the downside. However, there is work to do. More specifically getting below the rising 100-hour moving average at 140.747 would be the next target to get to and through that would increase the bearish bias. Move below that level and traders would look toward the 38.2% retracement area near 140.224.
This article was written by Greg Michalowski at www.forexlive.com. Source