Yesterday the MA held.
The USDJPY is back down retesting its rising 100 hour moving average at 114.168. This move lower comes after the pair traded above the 2018 high price at 114.54 to a high of 114.684 (it also stayed below its November 2017 high at 114.728) . The inability to stay above the 2018 high may be enough to give the sellers the go-ahead to correct lower. Nevertheless getting below the 100 hour moving averages the key first step (and it is just a step).
If the sellers are to take more control getting below the 113.98 level and the low from yesterday (which bounced off the 100 hour moving average) at 113.87 by the next close target followed by the swing area down to 113.704 and the rising 200 hour moving average at 113.626.
Yes, there are a number of levels to get to and through, but the buyers have left this trail near the high and overhead resistance has also helped to scrunch a number of levels closer together. Nevertheless they produce a roadmap if the sellers are to take more control from the buyers.
The buyers are still in control, but they also had their shot to push even higher above the 2018 high at 114.54. They shot. They missed. That can turn the tide in the short term and we are seeing the sellers taking their shot.
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