USD/JPY Moves Lower Toward The 100 Hour Moving Average

The USDJPY has moved to new lows in early NY trade.  The consolidation over the last day and a half and the lower move overnight/this morning, has allowed the 100 hour moving average to come back in focus.

The 100 hour moving average is at the 97.31 level and this is the target for the market today.  The expectation is for the level to attract the intraday buyers who have sold the market higher.  I would expect if the price can be breached, that stops will be triggered.

On the shorter term basis, the market finally moved lower last night, but had a choppy time of it.  The price initially broke lower finally at the 98.45 level and moved below the key level at the 98.04 - 06 level.  However, the move could only move to 97.92 low initially.  This led to a correction back higher toward the 98.45 area where the market started its break and traded a lot yesterday.  Sellers came in and moved the market to the new lows.

For the market to gain further downward momentum being able to stay below the 97.92 level will be needed.  Above that is the 100 bar moving average on the 5 minute chart currently at the  98.12 level and moving lower.    A move back above the 100 bar MA would not be welcome.

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