USDJPY falls to 200 hour MA/retracement

200 hour MA and 38.2% near 110.00 area

In an earlier post I spoke to the sellers “making a play”. At the time, I put the retracement from the March 29th low to the high. That was the last swing low.  That put the 38.2% at 110.35. The price was just above that level and the swing low/highs going back to March 30 as well. Here is the link to that post. Below is the chart from that post. I commented that breaking below the 38.2% of the higher ranges was the minimum if the sellers are to continue to take more control.  
200 hour MA and 38.2% near 110.00 area

What happened?

The price broke below the “minimum” target (see the current chart below) and that opened up the downside for more probing.  The price ended up heading straight toward the 200 hour MA (green line).  I also moved the Fibonacci down to the March 23rd low, and near that 200 hour MA sat the 38.2% of the bigger move higher.  

The combination of the 38.2% AND the 200 hour MA was enough to stall the fall. The price has consolidated over the last few hours but remains near the lows.  Its a good low risk level for buyers to lean, sellers on the break to take profit.  A move below, however, would likely trigger more selling.  

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