With Nvidia lower in after-hours trading and the e-mini S&P lower, the USDJPY is also dipping to the downside, and the process, is moving away from 100-hour moving average (blue line on the chart below) at 144.66 along with a 50% midpoint of the move up from the 2023 low which comes in at 144.58.
Those levels will now be close risk-defining levels for sellers who remain in control. If the price cannot extend back above those levels, the sellers are ruling.
A close support comes in at 144.03. Get below it, and 144.00 and there should be more downside momentum.
This article was written by Greg Michalowski at www.forexlive.com.
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