Resistance on the him daily chart above for the USDJPY
The USDJPY bottomed on Friday and Monday near the swing low from March 12. The inability to move below that level at 103.066 and the strong dollar buying yesterday has now pushed the price toward a cluster of resistance.
That resistance on the daily chart above starts at a downward sloping trendline at 105.44. The next target would be the 38.2% retracement of the move down from the June high at 105.719. The falling 100 day moving averages the final target at 105.854. The USDJPY has not closed above its 100 day moving average since early June.
Drilling to the hourly chart, the pairs rise yesterday stalled near a swing area around 105.62 (the high price reached 105.644). THe subsequent fall took the price below a lower swing area between 104.94 and 105.049 in the Asian session but that break failed. The rally back to the upside is trading between the swing area below and the resistance near 105.62 above.
Flip a coin, but for buyers and sellers, the aforementioned levels will be barometer is for the next shove. Resistance held and gives the buyers some cause for pause. However, the rally was certainly impressive yesterday and the corrective move lower today gave sellers their shot to extend lower, but they missed their shot. Him
