USDJPY stays pressured on risk aversion. Below the key 100 day moving average.
Gold down $11.50 has the risk aversion crowd exiting the USDJPY today.
The price for the USDJPY has moved below the 100 day MA at the 90.14 level which has given the bearish bias to the pair. After the break of this key level, the market momentum down intensified (see chart above at 90.15 line).
The price is also now using the 100 bar MA on the 5 minute chart as topside resistance in early NY trade. The 100 bar MA on that chart comes in at the 89.85 level currently. That level was also double bottom lows from trading earlier. The level will be a key level for trading today. A move above should lead to further upside momentum with 89.97 (200 bar MA in the chart above) the next target followed by the 90.14 area.
On the downside, the low for the day comes in at the 89.62 and the 100 hour MA comes in at 89.46. The 89.40 level is the midpoint of the move up from the March 4th low adding more ammunition for support buyers.
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