Seller in the USDJPY taking their shot, but missing

The USDJPY fell sharply today and in the process fell below the 50% midpoint of the move up from the mid-May low at 155.647 and the 61.8% of the same move at 155.162.

However, the support swing area between 154.594 and 154.878 stalled the fall.

The price waffled up and down between the level but has more recently tried to break below the low of the swing area. Looking at the chart, sellers took their shot on a couple of occasions, but each time the sellers missed on their shot. The price bounced.

Now the most recent try has only seen the price move into the “yellow swing” area. It remains well below the 61.8%. However, traders should be careful given the tries and misses. Be aware.

It will still take a move above the 61.8% to increase the bearish bias at 155.162 to give the dip buyers some comfort. Be aware.

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This article was written by Greg Michalowski at www.forexlive.com.