50% decline from the March 24 high tested and held at 108.84
Price action from the top has seen more transactions from top to bottom. A better than expected ADP does not entail an increased risk on exits from the JPY (towards JPY pairs like the USDJPY, the EURJPY or the GBPJPY or the AUDJPY). The market is a bit tired.
That said, looking at the hourly chart below, the price corrective action remains above the 100 and 200 day MA, with the 38.2% increase compared to yesterday. These levels are all between 108,285 and 108,333 (see the yellow area in the table below. Therefore, buyers are always holding hands stronger.
Exploring down the 5 minute chart below, Price action was higher and lower than the MA of 100 and 200 bars at 108.64-656. These MAs appear to contribute to short-term upside and downside bias. We are currently below these MAs (therefore slightly negative intraday), but if the price rises above, this bias could / should see an upward / bullish return.
