Sideways trading in the NY sessionThe USDJPY moved lower in the Asian Pacific session.
In the London and NY session, the price action was corrective, but also sideways. As outlined in an earlier technical post, the price needed to get back above the 200 bar MA (green line in chart above), to help turn the bias around. Without doing that, the sellers remain more in control.
Well, the price has remained below the MA. The bears remain in control.
Is the price running?
No, but the holding of resistance above, may just be the signal the sellers need to see to restart the selling in this pair. At the very least, risk can be defined and limited at the 200 bar MA above.