100 day moving average currently comes in at 109.54.
The selling momentum has now taken the price below the swing low from July 21 at 109.798, and is working toward the 100 day moving average at 109.540. The low just reached 109.614.
Last week, the price moved below the 100 day moving average for the first time since January 29, 2021(see blue line in the chart below). Those failed breaks last week were certainly a disappointment.
Going forward, if the price can get back below again, traders (and myself) will be looking for more downside momentum, with the price staying below the key MA level.
The wildcard in the market (and more for the USDJPY) is the pair tends to react to the ups and downs in the stock market. The major indices are moving lower with the NASDAQ down -1.75%. That is helping to pressure the USDJPY (as are lower rates).