The bulls have been seen buying aggressively on the 1:1 and 50 Fibonacci support level at 122.08
The 1:1 (Pink) and 50 Fibonacci support level at 122.08 has offered the bulls an opportunity to buy into the recent gap lower on the back of the continued issues surrounding the Greece bailout.
After initially taking out a number of stops below the double bottom (Yellow) at 122.48 the bulls returned on the 1:1 (Pink) sending the market 110 pips high in the following hours before once again running into some solid selling interest, the market has since found further buying interest and is now 25 pips off the days high. Any break and solid close above the days high will likely see a further push to close the gap for the day, however, any failure to do so could see a push for stops below the 1:1 (Pink).
USDJPY Daily
* A 1:1 refers to a current correction being equal in length to a prior correction
