December 5, 2022

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USDJPY chops up and down but continues to find support ahead of the 100 day MA

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The USDJPY 100 day moving averages at 109.569

The USDJPY has had a choppy run of it today with price action confined to a 34 pip trading range (the 22 day average is around 60 pips).  The highs reached 109.84. The low extended to 109.599 

The USDJPY 100 day moving averages at 109.569_

What does stick out on the hourly chart in the up-and-down chop today, is that the price low stalled just ahead of the 100 day MA at 109.569. The low price reached 109.599 – just 3 pips from that support level. PS the low from Tuesday also stalled around three pips from the moving average line as well.  

So there is a pattern of dip buying against the 100 day moving average.  That may lead to support buyers leaning going ahead as welll. However, if the price breaks below the moving average line, the buyers should turn to sellers and probe further to the downside.

On the topside, the 100 and 200 hour MAs remain a bias barometer. If the price stays below each (The 200 hour moving averages at 110.02. The 100 hour moving averages at 110.09),  the sellers remain more in control   

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