Sellers are trying but can they keep the lid on the pair.
IN an earlier post, I highlighted the 100 bar MA on the 5-minute chart as resistance in the near term, and the 200 hour MA and 50% midpoint at 107.748-758 area.
On the upside, in the NY session the price was able to find sellers against the 100 bar MA (blue line on the last test. Sellers win that battle.
On the downside, the USDJPY price just reached 107.735 just below the 200 hour MA and 50% midpoint levels. However, the price is back at 107.81 as additional sellers did not bite on the first peek below that support level.
So the battle continues.
Sellers can hold the short, hoping the bias is still lower. However, a move above that 100 bar MA above, would spoil that bearish mood.
The same levels are important for the buyers.
Stocks remain mixed with Nasdaq and S&P up and Dow down
US yields are lower by about 2 bps now.