Can't go down. So goes back higher.
The USDJPY fell in early NY trade.
- The price move below the high from yesterday at the 109.32 level.
- The price moved below the days midpoint at 109.269
- It moved back below the 38.2% of the move down from the June 2015 highs at the same 109.27 area
- The price moved below the close from yesterday at 109.178.
- The price fell below the 200 bar MA which had held support and for the day.
The break below those levels took the price to a low at 109.05 but we have seen those breaks taken back and the price has moved back up to a swing high at 109.54.
Shorts get caught again. The longs remain in control. The old levels below, become support again.