Stalls at the floor technically
Stocks are running higher. That tends to lead to "risk on" flows which tends to strengthen the USDJPY.
Yields are running lower which tends to weaken the USD and the USDJPY.
The pair has run lower on the back of the weaker jobs data but has found support against the floor defined by lows this week at 107.808 to 107.879. The low today reached 107.875.
Now, the pair is staying near the lows. So sellers are "hangin in there".
Drilling to the 5 minute below, the price action shows that off the low, the pair corrected toward the 38.2% of the trend move lower at the 108.114 (high reached 108.132), and backed off.
However, the low off that corrective high, could not make it to the post employment report low and in fact stalled at the 107.92 low from earlier. So there is a battle going on.
A move above the 38.2% and then the 100 hour MA at 108.206, would likely hurt the sellers and should lead to a covering move.
A move below the low floor for the week is needed to get more sellers involved.
Ovearll, bears holding to control with a close eye on the price action and hope that the floor is busted.
