The USDJPY moved 3 times above a cluster of technical levels and each time failed. Ceiling
The USDJPY is down testing the 100 hour MA at 111.27 (NY session low). A break should lead to more selling momentum. So far, the level is holding on. The battle is on.
The intraday bias is tilted to the downside after the third unsuccessful break above the 100 day, 200 day and 50% retracement (the highest level at 111.421) failed. The highs over the last two days have reached 111.449, 111.46 and 111.46 today - all above the 50% level. Each should have seem more buying on the break. It was not to be.
So the sellers kept control against the ceiling with the shorts now looking for a break of the final moving average below as more bearish confirmation.
On a break, the lows from today and yesterday willl be the next targets at 111.14 and 111.10.
What would hurt the bears?
I would want to see the 100 day MA and 200 day MAs to be the new ceiling. Getting above one or both, would have traders looking for a break from the narrow trading range, more anxious from an intraday perspective. After all, the buyers had their shot. Shouldn't the sellers take control now? That's what I would think.
