There was talk of a “think tank” report that speculated on additional stimulus in Japan (unconfirmed) and this has helped send the USDJPY quickly higher. The price is now testing the 200 hour MA at the 83.20 level. This resistance target has stalled the rise for the time being at least. A break of the level has additional resistance against the 83.275 where the 61.8% retracement is found (see chart below) . A move above that opens the door for a test of the 83.50 area.
On the downside look for support against the 83.02-07 level. This is the 38.2% to 50% of the last quick move higher in the pair. If the last push higher is supported by good trend like buying, there should be support in this area.
