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USD/JPY finds support at 50 day moving average for the time being
Following an earlier update here, noting the next support level on the USD/JPY, at 147.82, the dollar fell back below 149. That 147.82 support level was and still is the price point of the 50 day moving average. Well, subsequent to that update, the dollar slipped further and tested that support level. The actual low was set at 147.81, but I am not going to quibble about a pip here. So, basically and for the time being the slide in the dollar has been halted by its 50 day moving average and it is right now bouncing back above 148 as I write. Is the dollar out of the woods then? I think it is way too early to conclude on and downside risks seem to remain in place. The USD/JPY is currently trading at 148.02
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