Room to roam
The USDJPY made a new high since July 19th at 112.974. That move took out the Friday high at 112.866, but the breaks above that level failed twice today. Not great for the bulls.
The fall is not running away. In fact the range for the day is only 24 pips (the 22 day average is 54 pips), but I would look for sellers against the Friday high (at 112.866 – risk). Stay below and a move toward important target support at the 100 hour MA, and the lower trend line at 112.52-534 area (and moving higher). If tested that would be a key level for the market bias. Stay above, bulls still hold the trend. Move below and the bullish waters tilt more to the bear side.