2nd try after yesterday's fall failed
The USDJPY is latching on to the dovishness from Fed's Evans and has moved back below the 112.20-316 area. That area has been home to a number of swing lows going back to September 27th. The pairs price did break below yesterday on it's way to a low at 111.98 but reversed and moved back higher.
This is the 2nd break. Stay below the yellow area and the shorts remain in control. Move back above and it says to me, traders are not into doing too much.
On more downside, the 200 day MA at 111.816 will be a tough nut to crack. Expect to see buyers near the level with stops on a break below.
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