USDJPY reaches the 50% midpoint and finds some profit taking after the quick move lower

Fall below the 200 hour MA sends the pair through 38.2% and to the 50% midpoint

IN the earlier post, the USDJPY was testing the 200 hour MA. The pair had traded between the 100 and 200 hour MAs (goal posts) since breaking the 100 hour MA yesterday midday. The high price today stalled right at the 100 hour MA and pushed the price back to the 200 hour MA earlier in the NY session.   
Fall below the 200 hour MA sends the pair through 38.2% and to the 50% midpoint

The subsequent fall below the level turned buyers and sellers. The 38.2% retracement at 109.91 was broken fairly easily. The 50% midpoint at 109.679 found dip buyers/profit takers. The price has bounced back toward the 38.2% retracement and the swing low from yesterday at the 109.95 to 109.981 area.  That area should find sellers now as the bias has shifted more to the downside.  

The buyers stepped in and bought at 50% midpoint support. With risk defined, that proved to be a low risk level to take profit/dip a toe in the water. The next move is still up in the air with the sellers more in control. The best case scenario is if the price can stay below the 110.00 area. Stay below keeps the sellers in control. 

PS. EURJPY  cracked below its 100 hour MA at 130.078.  Stay below is more bearish.

EURJPY on the hourly chart

The GBPJPY fell to below the 100 hour MA and a swing area between 152.69 adn 152.789.  The subsequent fall took the price down to test its 200 hour moving average currently at 151.968. There was some support point against that moving average. The price has not closed below the 200 hour moving average since March 26.  Close resistance at 152.189 to 152.276 swing area (see lower yellow area in the chart below). 

GBPJPY falls to the 200 hour moving average


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