The old dip buyers have been back in to keep USDJPY above 118.00
Fx traders are noting that real money, interbank and leveraged buyers have helped to keep the dollar yen afloat today. The same type of buying was seen last year when we had moves down to the 118 level and is adding to longer term long positions
Mike's already shown the strong bids at 118.00 and this adds a bit of colour to them
118.00 broke on the fourth attempt and has already found support. It is finding some resistance around the 118.35 level but the bigger target is the old 118.80 line. It was where the pair failed after the NFP
USDJPY H1 chart
A move through 118.80 will find the next bumps in the road at 119.00, 119.20 and then the 31.8 fib of the Fed hike high to Jan low at 119.31
This pair is playing very nicely with the tech levels and the 118.00 and 118.80 are very good low risk levels to lean against
