USDJPY returns to the lows for the day after the 100 hour MA area finds sellers

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 Source