USDJPY tests trend line/midpoint of move up from Feb 24 low

The midpoint comes in at 112.79

The USDJPY is also getting hit on the back of the dollar selling after the FOMC decision. The pair is testing trend line support and the 50% of the move up from the Feb 24 low . That level comes in at 112.79.

A move below and the recent lows at 112.59-62 will be eyed.

There has been little in the way of corrections in the pair since the release. The 1st minutes moved straight down to 113.07. The correction off that first low made it's way to 113.28. Below 113.28 is where most of the traders were able to sell realistically. The midpoint of the move down comes in at 113.24. while the 38.2% comes in at 113.10. If the sellers are to remain in control (and given the current low -see chart below), that is the risk area.