USDJPY below 109.00 is a bearish tilt

Technical Analysis

Author: Greg Michalowski | usdjpy

The price has been trading above and below the level today

The USDJPY is modestly lower on the day (-10 pips), after trading down as much as around 31 pips at the low.  Nevertheless, the pair is trying to stay below the 109.00 area which is home to the 200 bar MA on the 4-hour chart below (green line) and some recent swing highs and lows (see green numbered circles).   If the price can stay below that level, there is a bearish tilt for the pair.

The price has been trading above and below the level today
IF that tilt can remain, there is more work to do technically for the pair.  The 38.2% of the move up from the Feb 23 low cuts across at 108.652. There is another swing area at 108.55 to 108.62, and another more solid floor area between 108.322 to 108.396.  

The bias may be changing more to the downside for the USDJPY. The 109.00 area will play a key role in whether it stays more to the downside, or reverses higher.  A move up will look toward the underside of the broken trend line at 109.214 and moving higher.  Moving above that level really ruins the downside idea for the pair.  
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