Up and down day in the USDJPY, but with a negative bias

The USDJPY price action has seen downs, ups and downs today, but with a negative bias. The close from yesterday was at 105.414. The high price for the day in the Asian session reached 105.47 before rotating to the downside.  

The Asian session low did stall near a swing area seen over the last few days between 105.149 and 105.183. 

That swing area has been broken in the current hourly bar. The low reached 105.10, but that was still ahead of the next target at the underside of the broken trend line at 105.06 and a swing area from yesterday’s trade between 104.99 and 105.049. 

Admittedly, the inability to keep the momentum going has now seen the price bounce back to 105.226. Did the sellers fail? It will take move back below the 105.149 soon to keep the sellers hope going.

If the price is able to get to and through the 104.99 level, traders will be looking toward the low from Tuesday and the rising 100 hour moving average at 104.819. That combination should give traders some cause for pause at least on the 1st look.

On the topside, the “ups and downs” of the day would target the “ups”. The high for the London/European session reached 105.41. That is near the close from yesterday as well.

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