The high today stalled near the high from Friday.
The USDJPY has seen up and down price action today with the pair moving lower and testing a lower trend line. The price bounced.
The price moved back above the 100 hour MA (blue line) and moved up to test the high from Friday at 110.978. Seller leaned and the downside price action was restarted.
The price has moved back below the 100 hour MA at 110.798. The aforementioned trend line would be the next downside target if the price can stay below the 100 hour MA at 110.649. Below that and a cluster of support defined by the 38.2%, the 200 hour MA and a swing area. All come in between 110.529 and 110.575.
Move below that area and sellers feel more in control.
Ups and downs dominate the pair in trading today. The most recent play is to the downside after highs from Friday stalls the rally today. However, there is more work to do, to put more control in the hands of the sellers including getting and staying below the 200 hour MA.
