Can 100 SMA Hold Losses in USDJPY?
The US Dollar corrected lower from the 110.80 high against the Japanese Yen and traded towards 109.65 where it found support.
The USDJPY pair formed a base near 109.65 and moved above the 23.6% Fib retracement level of the last decline from the 110.80 high to 109.62 low.
The most important move was above the 100 hourly simple moving average, and a bearish trend line at 109.90. At the moment, the pair is struggling to break the 50% Fib retracement level of the last decline from the 110.80 high to 109.62 low, and correcting lower.
On the downside, the 100 hourly SMA may act as a strong support at 110.00 and can be seen as a buy zone.
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