USDJPY builds resistance near 109.60 area

Technical Analysis

Author: Greg Michalowski | usdjpy

MA and swing area between 109.524 to 109.594 area

The USDJPY spiked above the 100 hour MA on Friday and reversed on the next hourly bar. Today, the Asian session high moved above the 100 hour MA on 4 consecutive hourly bars, but did not go far above that MA line (see blue line). 

MA and swing area between 109.524 to 109.594 area
The 100 hour MA is falling and sits at 109.594 currently.   That is near the high of a swing area between 109.524 and 109.592 (see green numbered circles).  The area is building a key resistance level/area. Stay below will keep the sellers more in control going forward.  The current price is trading below at 109.42 currently.

On the downside, the low reached 109.24. A break below will look toward the upward sloping trend line near 109.10. Below that, and the swing area between 108.95 to 109.045. That area can be traced back to March 19th and up to the low from last week (see red numbered circles). 

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