Swing low from August 19 stalls the move higher
The USDJPY moved up ti 105.07 in the aftermath of the FOMC decision. That was important in that it stayed below the August 19 swing low price at 105.09. Early today the price tumbled below that level on its way toward the next target at 104.771. That was the swing low going back to July 29.
The price currently trades around the 105.00 level. The resistance above at 105.097 and the support below at 104.77 remains the barometer is for the bulls and the bears. Stay below 105.097 keeps the sellers more in control, with the 104.77 level as the next downside target.
Traders could also say that staying above the 104.77 level gives the buyers some hope for a rotation/corrective higher.
So the battle continues between the 2 levels. However given the recent trend move lower this week, the sellers are more in control.
