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Forex technical analysis: USDJPY below 100 days/above 100 hour MA — Forex Stock Trade




Forex technical analysis: USDJPY below 100 days/above 100 hour MA




And the support and resistance lines are convergingThe USDJPY moved lower in trading today. N. Korea comments pushed the pair down (the old buy the JPY trade, which is a source of confusion because N. Korea has said that they would sink to the Japan).
Technically, the fall has taken the price back below its 200-day at 112.20 today. The hourly price bars in the chart below have all closed below MY line with a couple small look above the MA line in the past 14 hours or more. Each of these looks were for a short period of time, and not to attract the impulse buy.

On the other side of the coin techncally, the 100 hour MA (blue in the chart above) to 111.843 is currently providing support. There was a close earlier in the day below that MA line, but the sellers could not keep the momentum and the buyers have received the prices back towards the 100-day MA resistance. The last two hourly bars have stuck to MY line.
The market is coiling like a spring between the support at the rising 100 hour MA (at 111.843) and the resistance set for the day, 200 days (112.12). Traders are playing the range until now, but at a certain point, there will be a break and run.
Keep an eye on interest rates. They are less expensive for a flight into the safety of the JPY. 10-year yield is down -2.8 basis points to 2.2481%.



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