High today, stalled a thte lows from Thursday/Friday giving a bearish bias
The USDJPY waffled up and down in the Asian session, but the highs stalled against the swing levels from last Thursday and Friday. The buyers were kept in check and when the European market opened and data was weaker, the EURJPY started to fall and so did the USDJPY.
The price fall has taken the pair below its 38.2% of the move up from the September 3 low at 107.425. The last 6 hourly bars has seen the price trade above and below that retracement level on 5 of 6 bars. We currently trade just below that level at 107.41.
If the sellers can remain in control, the low for the day at 107.28 and the swing low area from September 5 high and September 10 swing lows comes in at the 107.183 to 107.228 area. Below that comes the 50% retracement of the September move higher at 107.102.
Taking a look at the EURJPY on the daily chart below, the fall lower today did move toward port defined by the underside of a broken trend line at 107.71, and also swing levels at the 117.49 to 117.637 area. The low for the day in the pair reached to 117.748
