Fails for the 2nd day in a row.
The USDJPY fell - for the 2nd day in a row - below the 112.208-318 area. That area is home to a number of swing lows. The break should have solicited more selling. There was a little selling but the pair could not approach the next key targets at the 38.2% at 111.94 nor the more importance 200 day MA at 111.817. The low reached 112.07.
We moved back above the 112.31 level and the price has moved up to 112.456. The pair closed at 112.422. So we are back to where it all started and the sellers are giving up (the buyers are more in control). The 100 and 200 hour MAs are above at 112.594 and 112.664.