Bounces near the 106.00 level
The USDJPY moved to a low of 106.067. That was near the lows from early May at 105.98. Buyers lean against level. We have seen a rebound back higher and above the swing area at 106.35 to 106.44. Traders will be watching that level for intraday bullish or bearish clues.
Drilling to the 5 minutes chart below, the correction off the low has approached the 38.2% retracement of the days high the low trading range. That 38.2% retracement level comes in at 106.505. A move above that level is needed to give the buyers more confidence. It represents the minimum corrective hurdle for the dip buyers.
