The 108.12 is eyed above
The old USDJPY low for 2017 was in April at 108.12. Yesterday, that level was breached on the way to a new year low of 108.037. The price quckly rebounded to the underside of a broken trend line.
Today, the 2nd try was successful and the price tumbled lower. The pair bottomed at 107.312 and the dollar correction in the NY session has sent the pair back up to retest that key level. The high peaked at 108.07 - just above the swing low from yesterday, but just below the key 108.12 level. We trade back down at 107.813, and I have to give the bears the benefit of the doubt below that 108.12 level. Stay below more bearish. Move above and we can talk more about the bottom potentially being in place for this pair.
Right now though....the move higher is just a correction of the break.
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