Traders will be eyeing the 108.158 to 108.224 area for support now
The USDJPY has continued the run to the upside today and in the process moved above the swing high from July 1 at 108.158 and the 61.8% retracement of the move down from the March 2020 swing high to the low in January 2021. That retracement level comes in at 108.224. That area between 108.158 and 108.224 is now close risk for buyers. Stay above is more bullish. Move below and the sellers start to feel a little less heat from the run higher (the buyers are still more in control, but there is a victory for the sellers).
Looking at the hourly chart below, the pair is trying to stay above the support from the daily chart (see topside yellow area). If broken, the traders will be looking toward the early Asian swing high near the 108.000 level. Move below that level, and the 38.2% retracement of the move up from Tuesday's low comes in at 107.88 and would be the next target. Below that, and traders will be looking toward the underside of the broken trendline at 107.58 currently (and moving higher).
Summary: The price of the USDJPY is off the highs, but is finding some support against levels on the daily chart between 108.158 and 108.224. Move below that area with momentum would next target 108.00, 107.88 and trendline support at 107.58 (and moving higher).
Stay above the aforementioned support levels, and the buyers are still in control. The sellers are losing.