Near lower extreme
The USDJPY continues to swing back and forth. The topside swing has the 113.14-177 and the 100 hour MA (blue line) as the ceiling. The lower swing has the 112.57-657 as the floor.
We currently trade near the lower extreme. A break below will look toward the 112.299 low from November 20.
Holding the level and do we swing all way back higher? Nothing would surprise me.
Taking a broader look at the daily chart below, the 100 day MA is also moving up toward that area (currently at 112.235). That increases that areas importance for both the bulls and the bears.
