200 hour MA is also in play
The USDJPY rebounded off a swing area in the London morning session and bounced above the 100 hour MA. The break saw increased upside momentum but the high stalled short of the earlier high and the ceiling level from Tuesday and Wednesday at 109.48.
The subsequent fall, took the price back below the 100 hour moving average (blue line) and that down to test the swing area between 109.036 and 109.074. That area is being pressured by the sellers as I type. A break below would still have the rising 200 hour moving average to contend with at 108.963. However, if both are broken, it should open the door for further downside probing with the low from Monday at 108.889 and the 38.2% retracement of the move up from April 23 at 108.844 as the next targets.