Fell below trend line but trying to recover

The USDJPY fell below a trend line that stalled falls on Thursday and Friday. That trend line gave way in the Asian session at 108.42, the price moved to a low for the day at 108.01. The 108 natural support level, stalled the fall.

Since then, the price rebound has taken the price to a high of 108.40. That stalled against a topside trend line and just below the 100 hour MA at 108.449 (the price closed on Friday at 108.46). The price last moved above the 100 hour MA on Dec 26/27 but did not get very far before failing and moving back lower. A move above would be another test passed for the bulls/buyers and would shift the bias more to the upside.

Drilling to the price action today from the 5-minute chart below, the 100 bar MA at 108.244 currently has acted as a barometer for bulls and bears. A move below it (and staying below) would shift the intraday flows back to the downside.

Yields are lower.

Stocks are scheduled to open a little higher.

ISM Non-manufacturing up at 10 AM ET. The Manufacturing index disappointed last week. The expectations are for 59.0 vs a robust 60.7 last week.