Profit taking at topside trend line
The USDJPY pushed toward a topside trend line into the new hourly bar (up to 1.1290) and the sellers took advantage of the low risk trading level to sell the pair off.
What next?
The price correction on the 5-minute chart has corrected into the 38.2%-50% of the move up today at 112.52-62. The 100 bar MA is at 1.1253.
The quick move lower suggests that sellers were happy to lean against the resistance area above. Is that selling going to spill into something more? With month end/quarter end most anything can happen with the flows but technically, a move below the 1.1252-53 level should solicit more selling (I would think).
