USDJPY hanging around Friday’s closing levels. 93.13 has 200 hour MA and 38.2% Fibonacci Retracement.
The USDJPY drifted higher in Tokyo trade and has drifted back lower toward unchanged level in London/early NY trade (closed Friday at 93.00). The move higher did take the pair back above the 200 hour MA for the 1st time since August 26th (at 94.40). The pair also moved above the 38.2% retracement level at the 93.13 level.
Currently, the price is back below both levels. In fact, the 200 hour MA is currently at the same level as the 38.2% retracement level (move down from the high of 98.05 from August 24th to the low of 91.94 on September 3rd). As long as the price can stay below these levels, a wander down toward the 100 hour MA at the 92.73 level is likely. Also of note is the flattening of the 100 hour MA. This suggests a more balanced market – with the potential for a move one way or the other away from the MA. I would prefer to see the 200 hour MA to converge with the 100 hour (along with the price) as this often is a stronger indication that the market will move.
Today with the holiday trade, a move of significance is not likely. SO perhaps the convergence of the 100 and 200 hour MA will take place over the next 24 hours or so. Be aware.
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