Holding near 115.00 in NY trading
The USDJPY is just resting in trading today.
The pair closed yesterday at 115.00 (see post yesterday for more background info). The early Asian Pacific session saw the price move to a low of 114.72. That took the price below support at the 114.82-86 - remember those levels as the swing high from Mid-February 2016 (at 114.86) AND the Dec 1 high price (at 114.82) .
The fall below that level could not find additional selling momentum. So, the price rebound started.
The price action since then is more supportive but limited. The market is resting. What can be said is the price in the NY/London session has been mainly above the close from yesterday. The low extend to 114.96 at the low vs the close of 115.00. Is that more bullish? Maybe. It did hold the 38.2% of the move up from last Thursday's low (at 114.966).
The not so bullish is the peak stalled against the 115.59 which I have earmarked as an intraday level to get to and through (it happens to be the 61.8% of the move down from the 2015 high). Yesterday, that level was resistance, support (after the break) and then support after the move back below the level. The high price today only got to 115.47.
So resting is what we do in this pair. Watch 115.15-19 now. We just moved above and if it holds, it helps the intraday technical picture...a bit.
PS. REMEMBER, the high yesterday did stall in an area that was key (see daily chart below between 115.96-116.09). That area stalled the rally fairly quickly. The 61.8% retracement at 115.598 and that high area are key levels. If that area cannot be breached over the FOMC decision tomorrow, we ultimately see a rotation to 112.43 (50%)
