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DOLLAR-YEN TECHS: Close Below 200-dma Would Shift Focus to Downside
After briefly trading through the up trendline support from the Mar 25 lows on
Wed, USDJPY managed to close above but has broken to the downside on Thursday.
Despite briefly trading below the 200-dma at 111.50, at the time of writing the
cross had moved just above. A close below this level is needed to shift the
focus to the downside. The 50-dma/Apr 8 lows at 111.28 provide the first initial
support ahead of the Apr 10 low and 100-dma at 110.84/75. To reignite upside
momentum bulls initially need to recover 112 and take out yesterday's high.
Above here opens a run at the Dec 20 high & 50-mma at 112.60/70.