Holding near intraday levels
The USDJPY has been able to hold support (kinda) near the 100 bar MA on the 5 minute chart. The pair did dip below it and the 50% but momentum could not be sustained. I will give the benefit of the doubt to the bulls - blame the declining stock market, but on the next break, will not be so kind (close risk 122.89 now). Also will keep an eye on signs the upside is stalling. Step 1 will be to get and stay above the 123.08 level (see chart below).
