Bulls remain in control
The USDJPY is trading at the highs for the day at 113.028 and in the process is moving toward the high from yesterday at 113.128 and the July by price at 113-169. The high price for the calendar year comes in at 113.381 (from January 8, 2018). The underside of a broken trendline comes in at 113.231 today.
Drilling to the hourly chart below, the sellers had their shot to take the price lower on the earlier decline. The price traded below it’s 100 hour MA (blue line) and trend line, but could not get to the 200 hour MA (green line) to help confirm the bearish move. The failure to stay below the 100 hour MA gives the bulls their reason to make a run to the recent highs (and also the reason to go after the high for the year).
Those highs are good resistance, but I expect a run toward them. The sellers had their shot.