USDJPY trades above and below the 50% midpoint of the move down from the end of June high

<p>The USDJPY moved higher on Friday and in doing so extended above the 50% midpoint of the move down from the June 28 high to the July 14 low. That level comes in at 141.149. </p><p>The price has traded above and below that level in trading here today. The US PMI data came out weaker than expected pushing the price to a new low of the day at 140.73, but the price is bouncing back toward that 50% retracem (1ent level.</p><p>The 50% retracement will be a barometer for buyers and sellers in the short term at least. Move above is more bullish. Stay below is more bearish.</p>

This article was written by Greg Michalowski at www.forexlive.com.