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100 day MA at 0.90733
The USDJPY has move back up toward its high for the day and in the process is testing its 100 day moving average at 0.90733. The fall below the 200 day moving average yesterday was the first fall below the level since June 16 when the price closed back above the moving average level.
Earlier in the session, the price moved to the lowest level going back to June 16.
For the week, the high price was reached on Monday at 0.9201. The high on that day stalled against the 100 hour MA before moving lower. On Tuesday, the high stalled against the 100/200 hour MA. On Wednesday, the price moved below the 100 day MA. Yesterday the 200 day MA was broken.
The question now is can the price stay below the 200 day MA. Stay below is more bearish. Move above and the bias shifts a little more to the upside on the failed break of the key daily MA level
This article was originally published by Forexlive.com. Read the original article here.