An intraday tilt perhaps?
The USDJPY moved back below the 100 bar MA on the 5 minute chart but did find support buying near the 50% of the last leg higher in the USDJPY today at 110.169. The move back higher, however, has found sellers against its 100 bar moving average at 110.303. Are intraday sellers taking profit?
It seems that way. What will need to happen is for the price to remain below that moving average AND sellers push the price back below the 38.2% retracement 110.229, the 50% retracement 110.169, and the rising 200 bar moving average at 110.155.
That would give the sellers confidence (and some pips too).
Move back above the 100 bar MA and show some buying above that MA, and the intraday sellers are likely to take a loss and look for the next trade.
