Swing area at 103.64 to 103.713
The USDJPY moved to the lowest level early November earlier today. The low in November reached 103.17. The low today reached 103.256. Close but no cigar - as far as breaking to new lows at least.
Drilling to the hourly chart below, the fall today moved away from a swing area going back to November 18 between 103.64 and 103.717. Admittedly, the price fell below that level on Monday failed with the price spiking back higher.
Today, however, the Asian session high reached 103.718 (near the high of the resistance at red circle 10), found sellers, and rotated to the 103.256 low for the day.
IN the North American session, the price has rebounded back toward the low of the swing area at 103.64 and found sellers leaning. It would now take a move above that level - and the 103.718 level - to tilt the bias more to the upside. Stay below and sellers on the break lower today, are still in control.
What would give sellers more confidence now?
The low from Monday at 103.506 is so far holding support off the North American corrective high. Traders will want to see a move back below that level with momentum to give more confidence that a run toward the lows (and low targets) are in the cards.
Failure to do so, and the buyers and sellers today are battling it out with 103.506 as support and 103.717 as resistance with each side looking for the next shove.
