USDJPY tumbles back toward rising 100 hour MA

<p>The USDJPY fell quickly from a high of 151.90 down to a low of 151.20. There was nothing newsworthy to prompt the fall, but traders will chatter about fears of Bank of Japan intervention.</p><p>The low price did find early support buyers against its rising 100-hour moving average at 151.113 (see blue line on the chart above), and has already bounced back toward the 151.50 level.</p><p>After 5 straight days to the upside, and a 6 day looking good this morning, the fall reminds us that there still is some anxiety about intervention. In addition, the high price also got within 3 – 4 pips of a 32 year high at 151.938 (<a href="https://www.forexlive.com/news/is-today-the-day-we-get-a-new-32-year-high-in-usdjpy-20231113/" target="_blank" rel="follow">see post here</a>).</p><p>The closing level from Friday was at 151.53. That level may be a short-term barometer. The October 31 high at 151.707 will also be eyed now as a potential resistance level. </p>

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