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USDJPY reaches a swing area. Look for sellers to lean against area.


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The 113.57-699 should give traders a cause for pause.


If you are looking for a level to stall the rally in the USDJPY it might be right here. The 113.57-69 area is home to a number of swing areas. That may attract some profit taking or sellers with limited risk (go above yellow area, and get out). 
Now, the rally today is trend like.  The price did go below the 100 bar MA on the 5-minute chart (blue line in chart below) earlier in the NY session, but moved above and momentum picked up again. The last leg higher has the 38.2-50% at 113.38-43. That will be eyed by traders on a correction now. If the level stalls the corrective fall, the buyers are still in control.  Move below and the 100 bar MA will be another barometer for the bulls/bears.

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