USDJPY runs into swing area and backs off

Technical Analysis

Author: Greg Michalowski | usdjpy

Swing area at 108.03-077 stalls the rally

The USDJPY took a final run to the upside, but ran into overhead resistance at the 108.036-077 area (see yellow area - red numbered circles).  The sellers have pushed the price back toward the swing high from last week at 107.72-763. That high was joined by a swing high going back to April 24th before the run back lower (at that time). 
 
Swing area at 108.03-077 stalls the rally

The buyers and sellers have positioned between levels as Mnuchin and Powell start their testimony.  Look for a shove.  
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