Monday up. Tuesday down
The price action in the USDJPY was higher yesterday although choppy. The price action today in the USDJPY is lower although choppy (up early, down in the London sesssion).
Technically, the high this week did stall against a topside trend line and below the 200 bar MA (green line) at 108.64. The high only reached 108.527 (not realy close).
On the downside, the pair did gap higher from Friday's close, helped by the US/China truce. The move took the price above a trend line (see blue circles) and it's 100 bar MA on the 4 hour chart (blue line currently at 108.04). We currently trade at 108.16 - still a bit away from that MA.
So we trade between the two moving averages but not really running to test those MA targets on the upside and the downside. Today, sellers are more in charge though.
Drilling to the 5-minute chart the choppiness is evident. Today, however, a trend line above stalled the earlier rallies, and now the 100 bar MA (blue line) have put a lid on the pair. Keep an eye on that 100 bar MA for intraday clues. Stay below is more bearish. The low for the week and the 100 bar MA on the 4-hour and 100 hour MA (at 108.04 and 108.00 respectively) are key MAs to target for the sellers.
