Forex technical analysis: USDJPY falls to a support area

Technical Analysis

Author: Greg Michalowski | forex

Watching 111.80

If you look back in June on the 4-hour chart, there have been a number of swing levels at the 111.80 level. The price just fell to that level and is finding some small buying.   It is a support level and so far the buyers are holding the line.

ON a break, the pair could see some further selling toward the 110.55-58 area.   If the support holds, the broken trend line gets in the way (at 111.04 currently).  The pair moved above that trend line earlier in the day and in the process continued the bullish run for the pair. The housing data sent the pair lower. The Amazon deal - because of deflationary expectations potentially - has perhaps weakened the USD a bit since. Nevertheless support is attracting some buying.  

US yields are marginally lower after being marginally higher earlier. The 10 year is at 2.1531%. The high reached 2.1775%. The low 2.1496%.