Swing area in the 107.309-359
The USDJPY has moved steadily lower today. However, the fall has been consolidating over the last 5 or so hours in a swing area going back to May 20 between 107.309-359. There has been tries to move below that level, but with little luck.
In the early NY session, the price is trying to move higher, but the pair is back into the swing area as I type. Is that run fading like the run lower below the swing area faded?.
Maybe? Maybe not? And maybe it is a case of waiting for the FOMC decision and comments from Chair Powell?
For now the bearishness continues but with some downside stall.
