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USD/JPY finds a short-term floor ahead of 200 day moving average
Yesterday afternoon, the USD/JPY lifted following a drop into the 4pm London Fix. That saw the dollar press back towards the 144 handle, but in the event the rally ran out of steam and as US stocks turned abruptly lower, that sent the Yen higher, as risk aversion came into play. The USD/JPY later closed in the US at 143.57. The move lower extended into the Asian session today and pushed the dollar down to a low at 142.81. However, as you can see, when looking at a chart of the price action today, it has survived a couple of attempts to break below that level and since rebounded back towards 143.20. The reason for that could be due to buying interest in place ahead of the 200 day moving average, which is in place this morning at 142.72. So, that price point looks like a line in the sand at the moment. The USD/JPY is currently trading at 143.11
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