Price gaps lower but rebounds
The USDJPY gapped lower on safe haven flows into the JPY after the weekend Greece news. The price opened just below the 200 bar MA on the 4 hour chart at the 122.807 level and held that ceiling. The fall from that level, took the price to a low of 122.08 - - taking out the 50% of the move up from the May 13 low at the 122.36 level and some swing lows in the 122.42-48 area. Last weeks low was 122.55 (this was also the low from Friday June 19). Keep an eye on this level too.
The price has now rebounded back above this area. The failed break below this area, will now make it close support for the pair as the market settles a bit. If the sellers are to push the pair lower, this area needs to be broken - and stay broken.
On the rebound back higher, the price has extended up to 122.68. Traders are likely continuing to lean against the 200 bar MA at the 122.807 area. This should cap the upside if the bears are to keep the pressure on. If broken a move back up toward the 123.185 is a possibility. ON the downside, a move below the 122.364 has the low for the day to target at the 122.08 level. The 61.8% of the move up from the May 13 low comes in at 121.542.
FYI. The 100 day MA is at 120.79.
