Yesterday, the low stalled ahead of the swing area near 109.56 and 109.58
The USDJPY price moved sharply lower yesterday and in the process extended back below its 100 day moving average (currently at 109.786) on its way to the session low of 109.615. That was just above swing lows from August 25, August 31, and September 3 which came in between 109.56 and 109.581.
Early buyers leaned against that triple bottom and the price started its rotation back to the upside.
In trading today, the continuation move higher stalled right under the 200 hour moving average at 109.981. The 100 hour moving average was just above that level at 110.009. The high price today reached 109.972 – just below those key moving average levels.
So the price action yesterday stalled ahead of key support. The price action today stalled against key resistance. In between sits the 100 day moving average at 109.786. The price did dipped back below that hundred day moving average level over the last hour or so of trading, but has quickly rebounded back above.
Needless to say, there is a battle going on between the buyers and sellers. If the price is going lower, get below the 109.56 level. If the prices to go higher, a move back above the 100 and 200 hour moving averages would increase the technical bias in that direction.