USDJPY down and back up in trading today.
NY session highs in the USDJPY get back to unchanged on the day
The USDJPY has nearly completed a down and up lap in the pair today. The high for the day reached 108.53 at the Asian session high. That was on par with the highs from the NY session yesterday.
The subsequent fall (Risk off) sent the price all the way down to 108.16.
The recovery back higher moved to NY session high at 108.506. That was just above the close from yesterday at 108.495 but just short of the high for the day at 108.53. The lap down and up was nearly complete.
Well, the market is obviously in flux. Sellers loved it for the a while. Then buyers loved it.
Technically on the 5 minute chart above, the buyers are still liking the pair. The fall from the highs have now stalled at the 200 bar MA )green line) on the 5 minute chart three times now (at 108.393 currently). The last low also stalled near the 100 bar MA as well (blue line at 108.405 currently).
Those levels will be the barometer for the bulls and bears intraday. Stay above is more bullish. Move below and the ups and down continue.
On the topside, getting above the close at 108.495 and then the 108.53-54 highs would be more bullish and should see more upside potential.
All the information for the up and down market can be found on the 5-minute chart for traders with the intraday MAs below and the close/recent highs as break levels above.