100 and 200 day and 50% retracement stalls the rally
At the start of the NY session, the USDJPY was trading between support at the 110.88-94 and resistance at the cluster of the 100 and 200 day MA, the 100 hour MA and the 50% retracement between 111.35-42.
The price could have gone either way from that earlier level. It has moved higher. Stocks may have helped as the Nasdaq and S&P have added to their gains from yesterday. The Nasdaq is up 0.66%. The S&P is up 0.48%.
The rise has taken the price up to the cluster of resistance above and sellers entered.
Sellers are looking to keep a lid against the key area. It will take a move above to change the bias back to the upside. Until then, look for lower levels.