USDJPY falls below 200 day MA

200 day MA at 108.392

The USDJPY has tumbled lower and in the process has moved below the 200 day MA at 108.393 now.  

Earlier in the day, the price tumbled below its 100 day moving average at 109.23 area and an upward sloping trend line at 108.90. In addition to breaking the 200 day moving average, the price is also dipping below its 50% retracement of the move up from the August 2019 low. That level comes in at 108.329.

Drilling down to the 5 minutes chart, the price did take a peek above its 100 bar moving average earlier in the session but quickly reversed back to the downside. On a move back above the 200 day moving average, traders will be watching that moving average as a risk defining level. A move above could shift some of the bias back to the upside (at least it would be a potential start).  Failure to get above that moving average, and the sellers are still in control. 

USDJPY on 5 minute chart

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