Awaits the stock market open

The USDJPY has been consolidating at the lowest levels since November 2016. The low for the day reached 101.523. Looking at the weekly chart the next target would be at 101.179. That was the low price going back to the November 6, 2019 week. Other swing lows off the weekly chart from 2016 come in at 100.07, 99.506 and 98.887

Awaits the stock market open

Drilling down to the hourly chart below, the price action fell below 2 trend lines today. The most recent trend line break currently comes in at 103.02. The 38.2% retracement of the move down from the corrective high on Friday comes in at 103.14 and the 50% at the same move lower comes in at 103.635. Those levels would be the minimum that the USDJPY would need to get back above to give the buyers a "win" vs the sellers. Until then, the sellers remain in FIRM control.

The USDJPY on the hourly

Taking it down even further to the 5-minute chart, the 100 and 200 bar MAs come in at 102.439 and 103.05 respectively. The 50% of the intraday move down from the first swing high after the open today comes in at 103.052 as well. That was a corrective high as well in the US. PS it is near the broken trend line on the hourly chart too. The 103.05 area will be a key interday area to eye. Stay below and the sellers in firm control. Move above and there is a win for the buyers on both the hourly and 5 minute chart.

The USDJPY 5 minute chart levels