Retracing earlier gains
The USDJPY surged higher in trading today and in the process moved above the 200 bar MA on the 4 hour chart (currently at 104.81 - green line in the chart below). The pair also moved above the 50% of the move down from the May 30 high to the Brexit low. That level comes in at 105.23. The low corrective price has tested that 50% a couple times in the London session since breaking - including just a minute or so ago.
A move below will have traders probing lower with the 105.045 and then 200 hour MA on the 4-hour chart (at 104.81) as targets. I would expect that buyers would line up against the areas on a dip. A break like we saw is hard to quickly reverse. It can... but usually not without a fight.
