USDJPY working on it’s 3rd day down.


USDJPY steps lower for the last 3 days

The USDJPY is working on its 3rd day down since peaking and closing near the corrective highs on Monday. That high stopped near the 50% of the move down from the last test of the 100 hour MA on November 9th.

The low on Tuesday held support near the broken 100-day MA (blue overlay line at 141.14). The fall yesterday met with more momentum after the price breached both the 100-day MA and the rising 100-hour MA. Falling below the 200 hour MA added to the selling momentum.

Today, the pair fell under swing is between 138.74 to 139.09. Admittedly, the lower move was choppy around that swing area, but at 138.407, the pair will now use that area as near-top resistance if the sellers are to remain firmly in control. The November 15 low is the next target to reach and break through the downside.

Looking at the daily chart below, the 38.2% move down from the 2022 low comes in at 137.24. That will be another goal of more sales. Move down would be another step in the bearish direction, because the pair corrects from the maximum reached in October (and the highest level returns to 1990 for the pair).

USDJPY is looking at the 38.2% of the 2022 range



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