USD/JPY is poised!

The USDJPY moved lower early, tested the low from Monday, rebounded up to retest the 200 hour MA and fell lower. The successful retest of the 200 hour MA, was the technical catalyst for the bearish bias today. Sellers leaned and the hold, gave the sellers go-ahead to run lower.

The pair traded to a low of 110.515. The next target area comes in between 110.42 to 110.486. Move below that area, and the sellers increase their control.

Close risk is now 110.80 swing area (see red numbered circles). The 200 hour MA is also a higher risk level for shorts now.