The high today stalled just ahead of the 2021 high.

The USDJPY moved higher yesterday and in the process tested a topside channel trend line. Also near that level is the 2021 high price from early July at 111.653.

In the Asian session today, the price was able to extend to and through that high but only by 2.5 pips. Buyers turned sellers and the price moved to the downside.

The high today stalled just ahead of the 2021 high.

The rotation to the downside moved down to test the 38.2% retracement of the move up from the Monday low. That level came in at 111.239. The low price reached 111.201 before bouncing back to the upside. The price has been up over the last three trading hours.

The rotation back to the upside has push the pair back toward the underside of the broken lower channel trendline at 111.59. Some sellers seem to be leaning against that level. A break above would be more bullish but traders will still have to get above the 2021 highs between 111.653 and 111.678.

Also in play to the upside is the swing high going all the way back to March 24, 2020 high at 111.709. That area between 111.653 to 111.709 is a key topside target and barometer for both the buyers and sellers. The bias control is at stake with the buyers even more in control above the level and sellers hanging onto some control below the level.

USDJPY on the daily chart