USDJPY falls toward the 134.00 area
The USDJPY has just reached a low of 134.104. That is getting closer to the natural support at 134.00.
It is also within a swing area (see red numbered circles) between 134.068 and 134.15. That area was defined by swing levels going back to February 20, 21 and 24 (before basing and moving higher on that February 24).
In addition, the 38.2% retracement of the move up from the February low to the high price reached just on Wednesday comes in at 134.151.
The combination of that cluster of technical levels is leading to a pretty quick bounce up to the 134.40 currently. Support buyers are either taking profit from shorts against the level, or sticking a toe in the water.
In the morning technical report (review below), I outlined the swing area between 135.11 and 135.22 (see blue numbered circles) as being a key level going forward.
That level was broken and led to a run to the downside. It will now be a ceiling for the pair if the sellers are to remain more in control going forward.
Be aware.
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