Earlier high at 104.056 retested with sellers leaning
The USDJPY has spike higher in the last hour after moving above the lows from Friday and other swing levels going back to November 30 in the 103.817 to 103.835 area.
The spike to the upside reached 104.056. Which was the high price from the Asian session as well. So a down and up lap in the USDJPY that saw the price move from 104.056 to 103.506 and back up again was completed.
Sellers have leaned against the old high (the 50% retracement of the move down from Thursday's high is also in the area). The price currently trades at 103.98.
There may be some support near the 30.2% retracement at 103.914. Other support comes in at that swing area between 103.817 and 103.835.
Buyers - looking for more upside - have the 100 and 200 hour moving averages near 104.13 (and moving lower) as upside targets. On Friday, the pair moved back below those moving averages tilting the bias to the downside. There was a modest test of the moving averages before moving lower.
