The USDJPY keeps the upside snap back going as stocks rebound technicals help as well. Putting things into perspective, the S&P index is up 58 points. It felt 119 points yesterday. The NASDAQ index is up 232 points. It fell 426 points yesterday. So the moves are certainly solid (the S&P is up 1.8%. The NASDAQ index is up 2.11%), but only some the declines from yesterday.
For the USDJPY, however, pair is making larger strides vs. the declines from yesterday.
Technically, the price moved above its 50% retracement of the move lower this week, and highs for yesterday near 104.55. Also near that level sitsthe 100 hour moving average 104.567. The run to the upside has continued to 104.72. The next upside target comes in at the downward sloping 200 hour moving average at 104.803. The last time the price was above the 200 hour moving average was back on October 21 (last Wednesday). The break below the 200 hour and the 100 hour moving average on that day sent the pair tumbling to the downside (all the way to 104.336 from 105.45). I would expect sellers to lean against the 200 hour moving average on the 1st test.