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100 hour MA stalling the fall (for now)
Up one day. Down the the next.
The USDJPY has retraced 61.8% of the move higher yesterday as “risk off” yesterday is “risk on” today.
Technically, the price moved lower early and corrected to the 106.63 to 106.674 but could not get above. From there, buyers started to lose some of their mojo, and the price moved lower. The recent price action lower was shoved from the sharp moves in the yield curve (negative 2-10) and the acceleration of the stock price declines.
The pair has stalled the fall between the 100 hour moving average at 105.799, and the 200 hour moving average at 106.033. The low reached 105.771 – just below the 100 hour MA. So there is some apprehension at the moving averages, but sellers remain in control intraday.