The 200 hour MA at 104.615 in the

The USDJPY is higher on the day, basing near the 100 hour MA in early illiquid trading, moving above the 200 hour MA shortly there after. The pair was able to base near that MA and make the run toward the 50% retracement and above at 104.88. The high stalled at 104.944 before stalling and moving back down.

The 200 hour MA at 104.615 in the

The pair is now back retesting the 200 hour MA at 104.6154. That is a borderline that traders will look to lean against. I would expect disappointment and some liquidation of longs on a move below the 200 hour MA. Stay above and the buyers/longs hold control.

For this week, the uncertainty from the election, Brexit, Covid, etc will have traders on edge and subject to the headlines, speculation, tweets, etc. Technicals become a thing to lean on to give a bias from "the market". "The market" is the collection of all traders who decide the price should be here. That bias can change by using tools used by many, that are unambiguous and define risk. Trend lines, moving averages (100 and 200 bar for me) and retracements, help to do that. Make that a choice for you if you choose to trade through the haze and uncertainty from the events.