The USDJPY has a lot of up and down activity in a narrow trading range today
The USDJPY has seen a lot of choppy price action. However, the price just ticked to a new session lows at 111.037 vs 111.054. That is not exactly a ringing endorsement of the selling interest, but it is step in the bearish direction.
The 110.94 level is the 100 day MA today. Above that the 38.2% of the move up from the March 25 low comes in at 111.007. Moves below each will be needed to push the bias more bearish. Yesterday, the low stalled between the two levels and moved modestly higher. So there is a history of dip buyers near the area. That increases the areas importance for both buyers (looking to lean against a support level), and sellers looking for a break and run.
The high today did stall against a swing area in the 111.27-30 area (see red numbered circles) That does help give the selllers more control. The price also remains below the 100 and 200 hour MA which is also a bearish tilt. However, there is work to do.
