Price has moved from 104.91 to 108.828
The USDJPY is working earnings 9th of day in the last 10 trading days. The pair is also trading near its high for the day at 108.828. That is a cycle high and the highest level going back to June 8, 2020. Looking at the daily chart, the swing hi going back to April 2020 comes in 109.391. The swing high from June 2020 reached 109.843.
In trading on Friday, the price moved above the July 1 high price of 108.158. That is now close risk for the buyers. Today's low reached 108.27 before bouncing higher.
Drilling to the hourly chart, the price has extended above the high from Friday at 108.63. A upward sloping trendline comes in just below that level at 108.602 currently. In the short-term getting below that level is the minimum if the sellers are to start to take a little more control back from the buyers. Failure to do that and the buyers are still waiting, and the sellers are losing.
