Approaching the old technical level
The USDJPY is getting a boost. Is it debt ceiling chatter. Perhaps. The fall in the yields have also slowed. The 10 year which fell to 2.0318% is trading at 2.0595% now.
Technically, the price is moving back toward the 108.63 level. Recall from earlier posts that a move higher would likely need to see the price stay below the 108.63 level to keep the sellers in control. A move above would not be welcomed by the sellers. That level was a floor area that has been broken in the past (including yesterday) with limited success. Today is another attempt to get and stay below the level. It is a risk level for shorts.
On the downside today, a new low for 2017 was reached. The low today reached 108.039, that broke the April low of 108.12. The failure to extend on that break is certainly a concern for shorts. As per an earlier post, a move above the 108.39-50 (38.2-50%) muddies the water for the pair. The 38.2% did try to hold, but the dip could not move back toward the old lows and the price moved higher.