Watch the 61.8% retracement
The sticky spot for USD/JPY bulls this week has been 109.46 (let's call it 109.50). that's the 61.8% retracement of the post-BOJ drop.
The latest move broke yesterday's high but not the resistance level and sellers have knocked it back down to 109.30.
If it gives way, look for a quick move up to 110.00 where buy stops are lurking.
In short, it could be a quick trip up near 112.00 if the bulls can win this battle.
