The USDJPY rallied ahead of the US CPI release but stalled after reaching the 50% retracement of the decline from the May high. Once the weaker-than-expected CPI data was released, sellers took control, pushing the pair sharply lower. The decline broke below the 38.2% retracement level at 144.651 and the 100-hour moving average, currently at 144.473. However, the 200-hour moving average at 144.318 offered support, attracting dip buyers and halting the fall.

The price has since rebounded and is now trading near 144.856—back toward the middle of the broader range. With the 50% retracement capping the upside and the 200-hour MA holding the downside, these two technical levels have defined the current battleground for both buyers and sellers. On the downside, the 38.2% retracement remains a nearby support level, as seen during early Asian trading. That level comes in at 144.65. Holding above could ultimately lead to a more back to the high midpoint target.

🎥 In the video, I break down these key levels and explain why they matter in the current technical landscape for USDJPY.