100 hour MA stalled the rally
The USDJPY did what it was supposed to do at the 100 hour MA (it stalled — see earlier post). The price moved below the 107.90 level and has now extended to what should be a support area. That is at the 107.79 area. That level was the low from last Friday and again on Monday. Earlier today, the price moved back above that level (and traded above and below it after testing the broken trend line on the initial run higher). Now we are back down retesting.
Key level being tested now. Does it hold? Is it broken? It is the next baromenter for the market today. If broken, we could see another run to the low. If it holds, the 107.90 and that 100 hour MA at 107.997 are still key levels to get and stay above.