$USDJPY corrects toward our 100 bar MA on the 5 minute chart
The USDJPY plunged below the 87.11 support line last night and raced to a new low at the 86.29 level. The price got within shouting distance of the bottom trendline from the channel we have been eyeing for some time now. That trendline comes in around the 86.00 area. I would expect support buyers, against stops below this level should the price continue to be pressured going forward.
Looking at the shorter term chart today, the price has been has been bumping against and testing the waters above the 100 bar MA on the 5 minute chart for the last 5-6 hours. In fact the moving average line has nosed to the upside despite the price being below. A move above this moving average line (blue line in the chart below) should be a positive sign for the pair with the next upside target being the green line or 200 bar MA at the 86.97 level. Above that the old low at the 87.11 level should loom large.
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