Ceiling near the 111.30 area. 200 hour moving average at 111.072
The USDJPY has been waffling between the 100 and 200 hour moving averages for all of the European session.
The Asian session opened below the 200 hour moving average (green line) after yesterday's US session decline took the price below that MA on its way to test a swing area between 110.777 and 110.81 (see green numbered circles).
The move back above the 200 hour moving average today saw the price extend up to 111.308. That was just above the high price from yesterday, and a swing high going back to Friday's trade (see red numbered circles). It also fell just short of the falling 100 hour moving average currently at 111.326.
So there is a pretty good ceiling between 111.296 and 111.326 that would need to be broken if the buyers are to take more control.
Until then, the bias is somewhat neutral between the two hourly moving averages. Needless to say on the downside if the sellers are to take more control, the 200 hour moving average still needs to be broken at 111.072. That would open the the door for a test of the 38.2% retracement 110.943, and the swing low area between 110.777 and 110.81. Get below those levels and the sellers are more in control.
For now, the buyers and sellers battle it out between the moving average levels.
