The USDJPY has been up on each of the days today.
The USDJPY is trading up and down in choppy trading today. The pair is marginally higher. If the pair close higher it would be the 4th higher close in a row after a week last week that saw the pair fall for 5 consecutive days.
Technically, the pair today traded mostly below its 61.8% retracement at 105.466. There was a single move above that area up to a high price of 105.526. That was just below the swing low from September 14 at 105.537. The next target comes between that level and 105.60 (see red numbered circles on the hourly chart above). Get above and the pair will be targeting the next swing area between 105.78 and 105.81 (see green numbered circles).
ON the downside, the low today held above a rising trend line (currently at 105.29 (and moving higher) and the 50% midpoint at 105.186. That gave the buyers the courage to move back higher. It would take a move below those levels (and a swing area at 105.239 and 105.289) to tilt the technical bias back to the downside at least in the shorter term.
For now, the price is up and down today, but holding support and 3 days higher, puts the bias in the favor of the buyers.
