Trend line cuts across at 104.75
With the USDs decline as the FOMC Chair Powell speaks dovishly, the USDJPY has moved to a new session low. In the process has retested the lower trend line at the 104.749 level (and moving lower). The low price just reached 104.76.
The New York session high price stalled within the corrections on defined by the 38.2%-50% of the last trend leg lower. That came between 105.13 and 105.237. The New York session high price reached 105.188 before moving back down.
With the lower trendline holding support and the price continue to remain below the corrections on (and topside trend line). The sellers remain in control but the buyers are putting up a fight against support. At some point, one (the buyers or sellers) will win with a break at one of the technical extremes. Look for momentum in the direction of the break to confirm.
