USDJPY waffles up and down

Technical Analysis

Author: Greg Michalowski | usdjpy

Trades in 24 pips range for the day

The USDJPY corrected near the 38.2% of the move down on Friday (at 107.682). The price moved lower. Today, the pair has been developing a floor around the 107.25 level (lows at 107.26 and 107.243).  The price has moved off that high and back toward the high for the day at 107.478.  Up and down today.

Looking at the daily chart below, the pair cracked below a lower trend line on Thursday, traded above and below that line on Friday and again today (not really cooperating as a support level.  What the pair did do, was stay below the 61.8% of the 2019 trading range at 107.742 (the high price from Friday reached 107.73 and backed off).  If the pair is going higher, moving back above that level will be eyed. If the pair is going to break lower, get and stay below the 107.32 old trend line. The lower trend line on the daily comes in at 106.75.  

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