Forex technical analysis: USDJPY failing above the MA/trendline

Trades at session lows

The dollar is coming under some pressure at the moment with the EURUSD trading above the 1.1100 level and the GBPUSD even bouncing a bit (although EURGBP continues to climb).

The USDJPY is also showing some dollar weakness. 

This pair has been trading above and below the 200 hour MA and trend line resistance over the last 24 hours. It was the first break above the MA since July 27th. That should have led to more upside momentum.

Instead we saw little momentum. In fact, the highs have been lower. 

We are trading at session lows. the 200 hour MA at 102.175 now become risk for short instead of risk for longs. 

Looking at the 5-minute chart, the pair is testing the 38.2% of the move up from Friday's low. That level comes in at 101.968. Move below and the 50% and the 100 hour MA become targets at the 101.75 and 101.70 level respectively.