USDJPY tries to stay above the October/early November swing highs
High and low today in the USDJPY stalled near similar levels from yesterday's trading
The USDJPY moved to the highest level since May 31 yesterday and peaked at 109.482 before rotating lower into the close. The low into the close reached 109.15. That took the price belowthe 109.237-278 swing highs from October 30 and November 5th.
Today, the price moved lower and retested that swing low into the close. The low today reached a pip lower at 109.14 and bounced.
Not to be outdone by the dip buyers, the sellers came in right below the high from yesterday at 109.47. That was just a pip BELOW the high from yesterday.
The price in the USDJPY has dipped back down toward the 109.237-278 swing high area and stalled.
Given that area holding, I give the small bias to the upside still.
- The pair is higher.
- The price is above those swing highs from end of October and November 5.
- The price moved to the highest level since May 31
- The price low for the week was on Monday at 108.15 and reached in the 1st hour of trading
- The correction yesterday stalled between the 200 hour moving average and the 100 hour moving average
- The price this week moved back above the 200 day moving average at 109.00
All that is more bullish.
However, we do have a near double top at the 109.48 area. So there may be some sellers looking to take profit against that level with stops on a break above.
Watch the 109.237. If it holds, all is ok with the bullish bias intraday.