Staying above 104.00 keeps the buyers in play with small control.
The USDJPY opened the week at 103.89 on Monday, and moved higher in the first few hours of trading. The trading since the those first few hours has seen the pair trade between 104.028 and 104.392. That 37 or so pips is not a lot of action needless to say.
The good news for the buyers is the price remains near the highs going back to December 10. The bad news is the runs higher today stalled ahead of the highs yesterday.
The price is testing a trend line around 104.19. Move below and the swing area between 104.028 and 104.089 would need to be broken to get out of the mud the pair is currently in and give sellers a little more control.
Taking a look at the daily chart below, the price did move above a trend line currently at 104.09. That is between old swing levels between 103.995 and 104.18. Stay above, keeps the nod "a little" (more below) in the buyers favor. Move below the trend line and the 104.00 level and the sellers are back in control.
On the topside, if the price can move higher, the falling 100 day MA is a key level that buyers would need to get and stay above if the bottom is indeed in for the pair. That MA comes in at 104.696. The price has not closed above the 100 day MA since June 8th. Absent a move back above the 100 day MA, and the sellers are still holding the stronger hand.
