A test and hold of big support at 120.70 keeps longs in the game for now
120.70 was a level I said needed watching earlier and we've pulled up at 120.68.
USDJPY 5m chart
So far the bounce has run into trouble at 121.00 and that means we can't rule out another look at the support at 120.70. That's a pretty small ball park to play in so we're likely to get a move one way or another outside these two levels. If the buyers want to keep this rally intact they need to reclaim 121.00. Fail and that could lead to further falls towards 120.00 or worse
I'll also remind that both the 55 and 100 dma's at 120.58 and 120.64 add to the support around 120.70
