It's worth recalling that last Thursday, the price moved down toward the 200-hour MA but found willing buyers ahead of it. Similarly, on Wednesday, after a break above the 200-hour MA, a corrective move back to the level again attracted buyers. This history reinforces the importance of the 200-hour MA as a key technical support level.
Conversely, hold this level and traders will be refocused on the higher 100 hour MA at 142.832. It would now take a move back above that MA to give the buyers more confidence.
US yields are lower and near the low for the day. That is helping to weaken the USD not only vs the JPY but also the other currencies. The USD is stretching toward the lows vs the EUR, GBP and CHF.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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