Watching 108.844 level.

The USDJPY moved to the highest level since April 7 today (see daily chart below). In the process, the price moved above a topside trend line on the daily chart at 109.04. However momentum could not be sustained and the price rotated lower.

Watching 108.844 level.

That rotation move to the downside took the price back below the 50% retracement of the move down from the March 2020 high to the May 2020 low. That midpoint level comes in at 108.844. The price is currently retesting that level as I type (see daily chart above).

Drilling to the hourly chart below, the price over the last few hours has stalled against that 50% retracement level at 108.844. The good news for the buyers is that the fall to the downside did stall right near a lower trendline connecting recent lows on the chart.

As a result we are experiencing a battle between the close resistance above and the close resistance below. At some point there will be a shove in either direction with hopefully momentum in the direction of the break.