This looks a familiar picture to yesterday
I doubt that I would get away with C&P my post yesterday into this one but it' is virtually a mirror image just with a change of big figure.
107.00 - 107.50 is the range, though we're seeing both support and resistance protecting those levels around 107.10 and 107.40.
USDJPY 15m chart
As I type we're having a test of 107.00, again, similar to yesterday. Below here we'll be looking at the 38.2 fib of the big move from 2011.
USDJPY weekly
It's likely to be a significant level but with the day I'm having, it will probably blow straight through and make a mug of me :-D
With Japan shut there's not been any real news behind the move. To me it looks like the sellers have taken the bull(s) by the horns and taken advantage of the lack of news and liquidity while Tokyo was shut, to enforce their positions further.
I'm less inclined to pick bottoms today and shorting rallies is the way to go
