The 104.756 stalls the rally
The USDJPY is retracing lower after the double top on the hourly chart stalled the rally at the 104.756 area. The high for the day reached 104.746. The last 4 hourly bars have been to the downside.
The next target comes near the 38.2% retracement of the range since November 18. That level comes in at 104.335. Below that the near converged 200 and 100 hour MAs are at 104.204 and 104.238 respectively.
Watch the 104.573 to 104.593 as close resistance now. Stay below, keeps the
intraday tilt a little more in the sellers court. Having said that, there is still work to do by the sellers to assume more solid control including getting below the 30.2% retracement and the 100 and 200 hour moving averages. Failure to do that, and this is just a corrective move off a double top.
