The USDJPY has stepped lower in trading today as US yields move to the downside pressuring the US dollar. Stocks are also lower which can have a negative impact on the USDJPY at times.
Technical reasons have also contributed to the downside. The Asian session high price stalled against its 200 hour moving average (green line, which kept the technical bias in favor of the sellers.
Later a swing area between 115.00 and 115.11 was tested and later broken (see red numbered circles 11 and 12). The high of that swing area at 115.11 is now close resistance. Stay below and the intraday bias remains heavily in favor of the sellers.
On the downside, the price did break below the 50% midpoint of the 2022 trading range (which by the way has a double top at the high at 116.33 and a double bottom at the lows at 113.46) that midpoint level comes in at 114.898. The low price for the day extended to 114.838 but has since bounced higher.
Keep an eye on the 115.113 level for resistance. If it does hold, look for a rotation back toward a retest of the 50% midpoint level.
