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  • Writer's pictureanalysiswatch

Title: USDJPY trades to a new session low in early US trading

May 18, 2022 10:20 Et

By: AnalysisWatch

The USDJPY currency pair broke below the 100-hour moving average with more momentum and moved down to test the daily swing area between 12860 and 128.738.

Currently, the price is at this level at 128.68.

A break below this level should lead to further declines and the price will move into the lower extreme trading area from last week.

This area has extended down to a low of 127.508.

If this level holds, traders will look back to the 100-hour moving average at 129.064.

Remember that during the early European session, price hovered above the 100-hour moving average and held there before reversing to the upside and heading for a test of the 200-hour moving average.

Sellers leaned on the 200-hour moving average and pushed the price back towards the 100-hour moving average before bouncing to close at 129.425 (50% of the May trading range).

Sellers are playing the game that getting below the 128.60 level would be rather bearish. Holding above that level, traders are playing the range and moving averages for support and resistance selling ideas.

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