July low at 104.18. The September low was at 103.995

The USDJPY moved decrease at the moment and within the course of traded to the bottom degree since September 21. The low worth reached 104.108. That degree additionally moved between the July 31 low at 104.18 and the September 21 low at 103.995. The present worth is again above that swing space buying and selling at 104.27.  Can the worth stay above that swing space?  The dip patrons are leaning with that hope (with stops probably on a break beneath)

July low at 104.18. The September low was at 103.995_

Drilling to the hourly chart, the transfer down from Monday’s excessive has the 38.2% retracement at 104.467. That can also be close to the swing low from October 22 on the similar degree. A downward sloping trendline can also be transferring towards that space on the hourly chart. If the worth can keep beneath that degree, the sellers stay in management. Transfer above and the waters get extra muddy, and the dip patrons from the day by day chart, breathe a bit simpler too.