The pair traces the movement lower and sets a double bottom and double top for the day
USDJPY traded lower in the Asian session and in the process came down to a low of 103.326. This low could not reach the next target at the 61.8% retracement and the price rebounded.
The pair came back to the low at the end of the London morning session, but when the low approached, buyers leaned in and pushed the price up.
The return to the upside moved to test the Asian high at 103.662 (high of 103.656) where sellers leaned this time. The price has come back down.
So there is a double top near 103.662 today and a double bottom near 103.326. Buyers and sellers are fighting in a range.
In between is the 50% retracement at 103.489. The price has been circling above this level for the past couple of days (mostly today) as traders try to determine the next move. Right now, the price action says, “I don’t really know, but at least I know the intraday extremes that need to be broken.” The ups and downs, but the skinny today at the low and the high have worked well so far. Look for the break with momentum.