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USDJPY trades closes below 100 hour MA for first time since May 12

USDJPY below 100 hour MAThe USDJPY has fallen below its 100 hour moving average at 139.949 and close below that level over the last 2 hourly bars.  The price of the pair last close below that moving average on May 12. The last cycle low was on May 3 at 133.492. The high price today reached 140.96 before rotating back to the downside. That's a move of about 743 pips in 18 trading days. Not a bad move.  

The price low today reached 139.57. That level happens to be the 50% midpoint of the range since the 2022 high in October (see daily chart below).

With the 100-hour moving average above in the 50% retracement below, the battle is on between the buyers and sellers. If the 50% level is broken, traders would look toward the rising 200-hour moving average 139.133. If the price can get below, it would be the first since May 12 as well.
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