The USDJPY corrected higher since the start of the US session, and ran into resistance above between 157.40 and 157.464. Buyers turned to sellers against the level.
Going forward, that swing area will be close resistance not only today but in the new trading week. If broken, traders would look toward the May 29 high at 157.708 as the next target to get to and through. Earlier today the level was broken on its way to 158.24 (the highest level since April 29).
If the price can stay below the 157.464 level, and extend back below the 100-day moving average 157.067 and the 38.2% retracement of the move up from the June low at 156.829, the sellers would take more control.
With the run higher failing today, and the correction stalling near a lower resistance level, the short term bias is lower now. However, there is work to do to increase the sellers confidence and control heading into the new trading week.
This article was written by Greg Michalowski at www.forexlive.com. Source