USDJPY falls to the 100/200 hour MAs after lower PPI data

The USDJPY has seen a fall back toward the 100/200 hour moving averages between 139.53 and 139.60 after the tamer PPI data in the US. The fall in price lower has found support buyers against the moving average levels on the 1st test. It would take a move below those levels to increase the bearish bias, and would then have traders looking toward the lower swing area between 138.73 and 138.897. On the topside, a swing area between 140.22 and 140.44 represents the upper swing area that if broken would likely lead to a continued rotation to the upside. This article was written by Greg Michalowski at www.forexlive.com.
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