The USDJPY follows the technical clues

Technical Analysis

Author: Greg Michalowski | usdjpy

Trend line and ceiling stalls the rally. 100 hour MA and trend line are support

The USDJPY is marginally higher on the day with price action above and below the Friday close (at 105.92)  

Trend line and ceiling stalls the rally. 100 hour MA and trend line are support
Technically, the high today stalled near the swing highs from last Tuesday. Those highs came in at 106.185 and the price stayed below the ceiling for the rest of the week.  Today's high reached 106.197- just above that ceiling - but quickly stalled and reversed lower. Sellers put a limit on the rise.  

The Asian session low today stalled ahead of an upward sloping trend line and the 100 hour MA.  The trend line currently comes in at 105.786. The 100 hour MA comes in at 105.69. Those levels along with the 200 hour MA at 105.525 are downside targets. 

With the price currently trading at 105.92, the pair sits between the support and resistance levels, and near the Friday close. Sellers try to early to push the price lower. More recently the buyers tried to extend higher. Each could not get through the defined technical levels. The technical buyers and technical sellers near extremes are winning. 

So there is a battle going on with the price moving down toward the close is support trend line. That line should give traders the next clue for the next move..

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