The USDJPY moved up to test the high from last week at 113.954, but stalled just short of that level at 113.95 (see earlier post here).
The ability to move above that level led to a price rotation back down. That move has now taken the price back below a swing area and the 38.2% of the range since November 24 high between 113.666 and 113.753.
The sellers leaned against the high and pushed price down. As a result, the waters are muddy with the pair in the middle of the trading range today.
If the price is to go back higher, getting back above the 113.753 level will be needed (again). A move above gives hope for a another run toward the double top and the 50% midpoint.
Conversely, a move below the 113.578 level (swing low from November 19) could see more selling momentum with the 100/200 hour MAs back in play near the 113.35 level (in the new trading day).
The buyers made a play. They really needed to get the price back above the high from last week - and then the 50% to make a greater dent in the bullish bias - but fell short. Being above the 100/200 hour MA is still ok, but the waters are simply a bit more muddy.
