The USDJPY spiked higher, and now moves back down
On February 19, the USDJPY raced higher after breaking above a consolidation range that confined the pair between 109.52 and 110.129.
The price is nearly retraced down to the base level before the run higher on February 19. That level comes in at 109.656. THe low today just reached 109.688. It to 3 days to run higher off that base and 5 days to retrace the run.
The lower end of the consolidation range came in at 109.523. Should the 109.61-65 area be broken, that would be the next support target. A move below would hurt the technicals even more.
