Sellers push toward July lows but does find some stall
The USDJPY had a 59 pip trading range last week. This week, the non trend has seen a march lower. The pair is down for the 5th day in a row today. The range is 188 pips.
Looking at the hourly chart, the pair did try to extend above a topside channel trend line in the Asian session but did run into a swing area from Wednesday and Thursday (see red numbered circles) and rotated back to the downside. The pair moved below the low from yesterday at 104.516. That is now close risk for shorts, as is the old trend line at 104.57 (see chart above). Stay below keeps the sellers firmly in control. A move above would muddy the intraday waters a bit technically.
Drilling to the daily chart, the price low today reached 104.267. That got within 8-9 pips of the swing low from July at 104.18. A move below that level would take the pair to the lowest level since March 12. The level did attract some early buyers as risk could be defined and limited.