Pair retraces the move lower and sets a double bottom and double top for the day
The USDJPY traded lower in the Asian session and in the process moved down to a low of 103.326. That low could not reach the next target at the 61.8% retracement and the price rebounded.
The pair moved back toward the low in the late London morning session, but when the low was approached, buyers leaned and pushed the price back higher.
The move back to the upside, moved up to test the Asian high at 103.662 (the high reached 103.656) where sellers leaned this time. The price has rotated back lower.
So there is a double top near 103.662 today and a double bottom near 103.326. Buyers and sellers are battling it out in a range.
In between, sits the 50% retracement at 103.489. The price has rotated above that level over the last two days (mostly today) as traders try to figure out the next move. Right now, the price action is saying “I don't really know, but at least I know the intraday extremes that need to be broken”. Ups and downs but leaners today at the low and high have done alright so far. Look for the break with momentum.