Still some work to be done....
The USDJPY lows today kept the pair above what was key support against the 122.36-45 area. Looking at the 4-hour chart, that area corresponds with the 50% of the move up from the May 14 low (at 122.36). It also is the where there were 3 other swing lows. Today's low got to 122.55. Better buyers?? Well risk was defined and limited. By the way, the 200 bar MA is moving up to the 122.36 area. This increases that levels of importance in trading this week.
The price is also moving above the 100 and 200 hour moving averages (blue and green lines in the chart below at the 123.16-26 levels respectively). This is now support for the pair. Above that the 123.77-45 has a series of technical levels including a series of lows and highs (around 123.77) and a downward trend line (at 123.80 - see hourly chart). THe 100 bar MA on the 4-hour chart comes in at 123.845 (blue line on the 4 hour chart above). That level - along with the underside of the upward sloping trend line at the 124.00 level - will be levels to get and stay above.
The solid floor has helped to give the pair a bullish boost in trading. Staying above support will help to keep the momentum going.
