USDJPY hits the 38.2 nail on the head of the 112 fall
There's a skip in the step of most markets today with risk trades largely looking good.
European stocks are looking bright, oil is still just off it's highs and the dollar is looking a tad healthier.
We've hit 5 pips short of 108.00 and aside from the 38.2 fib of the April drop, it's been a sticky area when we fell from near 114.00.
USDJPY H4 chart
A break may hit additional trouble around 108.10/20 and 108.40/45. Will hit a stronger patch of resistance at 108.775 being the 50.0 fib and S&R level through April.
Support is sitting around 107.75, which keeps 108 in the crosshairs, and there's more at 107.50 and 107.25.
We've still got a long way to go to even think about turning round the bearish trend this year so these levels are still fairly minor if we compare them to the fall from the 125 highs.
