The 112.80 area stalls the fall
The USDJPY moved lower - falling below the 100 bar MA on the 5- minute chart at 112.97 and the 112.909 level (50% of the move up today - See earlier post).
The sellers were able to extend the fall down to the next target area at the 112.80 area. The swing high from July 13th is at that area, the close from yesterday came in at 112.81. The trend line comes in at the level too (see hourly chart below). The low came in at 112.82. We are seeing a bounce.
As mentioned in the earlier post, that support area needed to be broken to give the sellers more confidence. Remember, the high today got within 6 pips of the key 200 week MA. That MA and the 61.8% at 113.29 have been a key target area for the bulls (CLICK HERE).
So, key long term resistance held (at 200 week MA). Key intraday support held on the correction lower. A battle is on. Watch the levels for the next bias clue.
