The USDJPY has experienced weakness in the last hour, extending its decline to the 100-hour moving average at 156.28, with a low print of 156.22 just beneath it.
The 100-hour MA is the initial key target for sellers seeking to continue the correction. Further downside focus would shift to the 38.2% retracement of the November range at 155.939. A break below that level would bring the 50% retracement and the rising 200-hour moving average (between 155.34 and 155.39) into play. Decisive moves below all these supports are required for sellers to establish control.
Currently, the corrective dip has met its first objective. The price action around this level reflects indecision, with sellers needing to push through with conviction to assert dominance.
