The USDJPY has broken below the 100-hour moving average and has now extended down to test the next key target — the 200-hour moving average, which comes in at 142.274. The low price just reached 142.267.
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.
A break below the 200-hour moving average would further tilt the bias in favor of the sellers, opening the door toward the next support zone between 141.64 and 141.94. A move below that area would push the USDJPY into the lower extreme for the year. The low price for 2025 was set on April 22 at 139.886.
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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