USDJPY trades lower and tests key moving average. Buyers enter at level on the first test. | Forexlive

The USDJPY has continued its run to the downside and in the process did reach its target against the 200 bar moving average on the 4- hour chart at 149.147.

The price dipped briefly below the level but has since bounced back and currently trades at 149.27. It would take a move back below the 200 bar moving average and then the 38.2% retracement of the move up from the February 1 low, to increase the bearish bias. That level comes in at 148.966, and represents the minimum retracement target that shows the sellers can take back more control.