The 107.00 level stalls the fall so far today
The USDJPY did move above a topside trend line in the Asian session (at 107.16 at the time), and it did lead to some corrective buying. However, the high at 107.56 did stall ahead of the 38.2% of the last move down from the March 31 high. Failure to get above that minimum target is a disappointment for the buyers. The price has since stepped lower with the NA low stalling at 107.00. We currently trade at 107.248.
Overall....yes the trend line was broken, but the rise was less than stellar. That is allow the 100 hour MA to continue it's move lower with the MA currently at 107.75. The 38.2% and the falling 100 hour MA are levels that if the USDJPY can not get above, the buyers are NOT in control. The sellers are.
On the downside, a break of the 107.00 level will be eyed with the low from yesterday at 106.90 another obvious target to get to and through.
