USDJPY moves back toward unchanged level after modest corrective move

Technical Analysis

Author: Greg Michalowski | usdjpy

The 38.2% of the week's trading range stalled

The USDJP moved back toward unchanged levels after a modest corrective move higher stalled at the 38.2% of the week's trading range at the 104.213 level. That retracement and the falling 100 hour MA is key resistance going forward. Stay below, keeps the sellers in control.  

The 38.2% of the week's trading range stalled
On the downside, the pair is approaching a close trend line at 103.76. That is near the close from yesterday near 103.79.  The low for the day at 103.71 and the low for the week at 103.646 are obvious downside targets. Move below those lows and the price starts to trade in the lower extreme for the month of November. The lows for the month from November 6 and November 9 reached 103.173.  

Back toward unchanged on the day. The corrective move higher stalled near technical levels which keeps the sellers more control. The question now is can the momentum continue and the price action look toward the extreme low area for the month. 

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