But below another technical level
The USDJPY just fell below the 200 hour MA (green line in the chart below) at the 119.84 level, but has run into support at 119.77 where the 50% retracement of the move down from the May 5th high to the May 7th low and the 100 hour MA (blue line in the chart below) is found. With the cluster of support in the same vicinity, it provides a profit taking area for shorts from above to lean against for a bounce. It is also a buying level for new longs. If the price breaks however look for stops. Risk is limited by having the cluster of support in the same region.
Where can a trade take the pair. With activity slowing a bounce above the 119.84 would look toward the 119.96 - 120.02 intraday.
