The 111.98-112.05 is a swing area for traders
Back in December-January, the price of the USDJPY moved above the 111.98-112.05 and chopped in a range up to 113.75 (see daily chart below). On January 10th, the price fell back below that area and trended lower (to the March low of 104.62).
The price started its rebound in March and in July, the price moved above the 111.98-112.05 area again and chopped up to a high of 113.169. The price rally stalled and fell back below the swing area on July 20. The low reached 110.58 last week.
Today, the price moved back above the 111.98-112.05 area again. That should have been more bullish.
Well, the price moved up to 112.15, but stalled. We are trading back below the swing area at 111.88 now.
I look to that 111.98-112.05 area as a swing level for traders today. Get above should be more bullish. Stay below and the sellers are winning.
This is the look from the 5-minute chart. The yellow area is the swing area from the daily chart.
Today, the price stalled against the area, then cracked above. The move back below the area, turned the buyers into sellers. The high corrective price has only gotten up to 112.005. Sellers are keeping a lid against the area.
