Moving away from the swing lows
The USDJPY is off the day lows (although the price is moving back to the downside as the market braces for another rough opening in the US - S&P futures are down -22)
The thing of note today is the break and move away from the swing lows from the daily chart (see chart above) that provided some cause for pause. Yesterday, that final swing low was broken at 115.55 (from Dec 2014), but the price action did not show any follow through.
Today, the Asia Pacific session saw a move lower away from the level (see 5-minute chart below), and then a rebound back higher. Where did the rebound stall? Just ahead of the 115.55 level (high came in at 115.53). The price is back below the the 100 and 200 bar MA on the 5-minute chart (blue and green lines). and they will now be resistance but the sellers are making a play for the downside.
The next major targets on a break of the low will be 114.00 and then the 50% of the move up from the June 2014 lows. That comes in at 113.45.
I don't know if anyone else has this on their charts but I have a small gap in the 112.46 area (see daily chart).
