USDJPY gives up gains. Back near unchanged on the day

Up a few pips on the day after trading as high as +51 pips

The USDJPY has given up it's gains on the day after rising some 51 pips from the close yesterday. The current price is trading up around six pips on the day at 113.19.

Looking at the hourly chart, the move higher today stalled just ahead of the 38.2% retracement of the move down from last week's high. That level comes in at 113.666. The high for the day reach 113.622. Yesterday, the corrective move off the low did crack above that 38.2% retracement but quickly rejected the break and moved back lower into the close.

Getting back above the 38.2% retracement (and the falling 100 hour MA at 113.80 area) would be needed to start to tilt the bias more to the upside. Failure to do that is indicative of the sellers still in control (and winning). 

Yesterday the USDJPY had a volatile down and back up and back down day. The last dip lower into the close stalled near the swing low from Friday just below the 113.00 level (natural support level). That low reached 112.99.  

On more weakness, moving below 113.00 level (with momentum) will be a more bearish tilt.  

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December 02, 2021 at 01:59AM
Greg Michalowski
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