The 108.36 to 108.47 is a swing area ahead of the high from last week
The USDJPY has moved into a swing area defined by highs on September 18, September 19 and 20, and October 1 in the 108.363 to 108.471 area.
On Frriday, and earlier today, the price moved above that area, but backed off (the high reached 108.607 on Friday). A move above should be more bullish. Stalling here and backing back below the area, could damage the buyers ideas today.
ON the downside today, the low stalled near the 38.2% of the move up from the October 10 low. That comes in at 108.003 - a nice round number too. The bounce has been pretty steady off that low.
