Extended higher by stalled
The USDJPY extended to new highs - moving above the 119.32-35 highs from last week in the process (see prior post).
The price high was able to test (and move briefly above the topside trend line) but failed. The rotation back below the 12032-35 has traders on the defensive now and the lower trend line is now be broken.
Although the froth is off the market, look for 120.16 area to provide some support. The 50% of the move down from the March 10 high comes in at this level (see chart below). The last lows (see 5 minute chart) were at the 120.13. There should be buyers against that area for a trade. The topside should have a little more trouble at the 120.32-35 area now that is was broken and failed. Time for some consolidation it seems.
