USDJPY on the hourly chart

The USDJPY has seen a down, up and back down day.

The last move to the downside has seen the price retest the earlier low for the day and also a swing low level going back to last Friday's trading (see blue numbered circles. The pair did move below that level a week ago on its way to a cycle low at 113.47, but snapped back higher and used that level as support before moving to the high reached this week on Tuesday.

The last four days has seen a steady decline to the downside as risk off flows have sent the flow of funds into the relative safety of the JPY.

The pair's return to the swing area is providing some support. The price has moved back up to 113.70. Watch the 113.80 and further up at 113.954 to 114.00 as topside targets on further momentum.

Conversely, a break of the 113.60-62 area would have traders looking toward the low from last week at 113.47 followed by a swing area near 113.33 to 113.365. Below that the 100 day moving average at 113.239 would be eyed.

US stocks have seen a sharp reverse over the last few minutes which may be helping the tone for the USDJPY pair. The Dow Jones is now up 138 points. The S&P index is up one point, and the NASDAQ is only down -28 points. The S&P index tested its 200 day moving average (and briefly moved below) at 4429.60. The low price reached 4420.39 before snapping back to the upside. The current price is trading at 4480