Up and down session
Technically, the USDJPY surged in the Asia-Pacific session. The high stalled at an area defined by swing lows going back to mid-November (between 122.20 and 122.293). The 50% retracement of the move down from the Monday high, also stalled the surge (at 122.268). The high reached 122.224.
The fall has taken the price all the way down back below 100 and 200 day MA at the 121.639 and 121.572. The high price after the US data stalled against the 100 day MA. The low for the day is just above the low from yesterday.
Looking at the daily chart, if the price can stay below the two key moving averages and IF it is able to get below the lows the 120.82 is the 38.2% target (see chart below).
The choppiness and the lows. The big move up and big move down. The above and below the 100 and 200 day MA keeps me cautiously bearish, but that bias can be switched around quickly. The market, will likely struggle with conviction as it awaits the Fed meeting. THen there is some stock market worries again as it continues it's swings.
