Watch 112.81-93 on the topside now
The USDJPY moved above a resistance area defined by swing levels at the 112.815-93. The area had a number of swing levels going back to June 29th to July 17th. The area above it during that time period defined a peak for the pair.
Yesterday and again today, the price moved above those levels but on each move, the momentum stalled and the price moved back below. Not good for the break buyers. The price should have broken above and stayed above.
What now?
Look for sellers against the area.
On the downside, there is a trend line that cut across at 112.28 area. The 100 hour MA is also currently at 112.29.
We trade between the levels at 112.66, with a low at 112.46.
