Move above topside trend line on hourly fails.
Yesterday, the price of USDJPY moved above a topside trend line and moved to the highest level since November 9, 2017 (high reached 114.055).
Today, the price tested, then moved back below that broken trend line. That has tilted the bias back to the bearish side (at least in the short term). Stay below that broken trend line (at 113.96 currently) and the sellers are doing ok. They are in the game, and I give them control.
The question is can the sellers take more control? What would that look like technically?
Looking at the chart above, the 100 hour MA is trailing behind and is at 113.482. The 38.2% of the move up from the September 27th swing low comes in 113.492. A move below those levels would add to the bearish bias. Staying below those levels would look toward other targets including the 50% and underside of another broken trend line at 113.305, and then the 200 hour MA at 113.0644 and moving higher).