Tests next target. Bounces
The USDJPY fell to the next swing target against the 112.00 area (up to 112.069). The low just reached 112.048. We have bounced up to 112.28 off that support level.
Yesterday technically, the price held support against another swing level. The 112.51-577 level has been home to swing lows going back to mid-Jan (you can see prior posts like this one outlining that level). Today, after a Asian session rally stalled, the level was broken and the pair tumbled.
Looking at the 5-minute chart, you can see the bounce off the support (the horse has left the barn, honestly). The 112.39 is the first resistance area. It is the 38.2% of the move down today. There are some swing highs intraday, near the level.
