The USDJPY has dipped back below both the 100-hour moving average (145.76) and the 38.2% retracement of the recent move up, tilting the short-term bias to the downside and disappointing the buyers on the break above those levels earlier in the US session. After the break higher, the rally today stalled near the low of the swing area between 145.92 and 146.288, where sellers once again leaned.

The buyers had their shot. They missed.

With the move back below the 100-hour MA confirmed, traders will now focus on the 200-hour moving average at 145.217 and the 50% midpoint at 145.06 as the next key downside targets. Staying below the 100-hour MA keeps sellers in control. Overall, the technical bias is more neutral with the price between the 100/200 hour MAs.

Support targets:

• 145.217 – 200-hour moving average

• 145.06 – 50% retracement

Resistance:

• 145.76 – 100-hour MA (broken)

• 145.92–146.288 – overhead swing zone

A hold below 145.76 would keep the pressure on the downside in the near term.