USD/JPY fails at the second attempt to break above 142.93

A little earlier this morning ahead of the European stock market opening, the USD/JPY tried again to test the noted 200 day moving average at 142.93. This time the move stalled slightly below the earlier Asian high, running out to steam at 142.83. The relapse that followed saw it fall rapidly to below 142.50. That move allowed the EUR/USD to have a look above 1.1050, peaking at 1.1054 so far. It also sent the USD index (USDX) to a new low at 101.41 which means it just broke below the noted Fibonacci support at 101.42. However, in truth I do not consider that to yet constitute a clear break of the level. That might come, but at this stage that is not at all conclusive. The USD/JPY has since lifted back above 142.70. but a second rejection of the 142.93 level may not rest well and all the while that remains the case, there is a risk of deeper relapse. There is clearly selling interest still in place ahead of 142.93. The USD/JPY is currently trading at 142.62