The USDJPY is back near the closing level from yesterday at 117.78. The price has been rebounding as the other influences also rebound.
The USDJPY has retrace nearly all of the move lower in trading today.
Market activity remains very volatile and subject to other influences like the USDRUB and stocks. However, the RUB is rebounding and the stock market is as well.
Looking at the daily chart, the rejection of the low with the potential hammer candle give more of a bullish bias. Whether the USDJPY continues the rally is dependent on markets that are not stable at the moment. However, the holding of the support area against the 38.2% retracement area (and other highs and lows) is another positive from a technical perspective.
USDJPY forming potential hammer on the daily chart.
