100 hour MA eyed below
The USDJPY is sputtering near topside resistance, but holds on to more bullish bias.
Looking at the daily chart above, the 112.076-279 area is home to swing levels going back to late October (it dissects more bullish and more bearish). The highs this week (and on Friday), have seen sellers leaning in that area. Today, the high reached 112.159, and backed off. Buyers could not push to and above the 112.279 level.
Drilling to the hourly chart below, although the upside momentum is strained, the downside is also havnig trouble. Nevertheless, the consolidation/chop has allowed the 100 hour MA to catch up to the price. It is at 111.899 currently. A move below that MA, and then a swing area at 111.795-835 (see green numbered circles), and the bias shifts more to the downside.
So, the upside is strained. The downside is strained in the USDJPY. At some point, there will be a break and run. For now the battle continues, but a decision should be made shortly as the support and resistance levels converge.
