Watch the 104.77 level. Need momentum above that level
The USDJPY has seen a little bounce off the lows today at 104.517. The move back to the upside has seen the price move back toward the July 29 swing low at 104.77. The high just reached 104.778 on the 4-hour chart below. The price currently trades at 104.70. (PS the low price from September 16 reached 104.80 making 104.77-80 the area of importance on the upside now).
If the buyers are to take more control, they need to get and stay above the 104.77 -104.80 area. A move above that level would next look toward the topside trend line at 104.95 (and moving lower). Move above that level and traders be looking again toward the 105.097 to 105.289.
