The USDJPY moved up in the early Asian session and in the process moved up toward a swing area between 115.61 at 115.67 (see red numbered circles). That area was an old floor going back to early January. On January 10, the price broke below that level and stayed below that level until Friday’s trade when the price area was retested once again. The high price today stalled ahead of that area. The inability to get to it, or through it, turn buyers and the sellers and the price has been moving to the downside.
Now the price is testing a lower swing area between 115.03 and 115.11. The low price just reached 115.09. Will below that level and traders would next target the rising 100 hour moving average near 114.88. The midpoint of the January trading range is near that level at 114.901.