USDJPY moves back down to test 50% retracement

Sellers did their job against the 100 and 200 hour MA on the corrective move higher...

The USDJPY is back down retesting the 50% retracement level. The corrective move higher reached back to the 100 and 200 hour MAs (blue and green lines) The price moved above the 100 hour MA but stayed short of the 200 hour MA (see prior post).

That MA (currently at 107.105) was a floor over the last few days before breaking below earlier in the day. Staying below keeps the barometer on the bears side.

The pair is back down retesting the 50% retracement of the move up from the February 16 low. That level comes in at 106.723.