USDJPY corrected higher since the beginning of the American session, and faced resistance above the 157.40 and 157.464 levels. Buyers turned into sellers against the level.
From now on, the swing zone will be nearby resistance not only today but in the new trading week. If it breaks, traders will look to the May 29 high of 157.708 as the next target to reach and break. Earlier today this level was broken on its way to 158.24 (highest level since April 29).
If the price can stay below the 157.464 level, and extend again below the 100-day moving average 157.067 and the 38.2% retracement level of the up move from the June low of 156.829, sellers will take greater control.
With today's uptrend failing, and the correction stalling near a lower resistance level, the short-term bias is now lower. However, there is still work to be done to increase sellers' confidence and control as the new trading week approaches.
