The USDJPY is testing a confluence of support at 108.00 today.
I mentioned this area in the last weekly forecast video.
It’s the intersection of a trend line support from the 2021 low and the 2015 weekly trend line.
The USDJPY has shown a slight bounce so far from today’s low of 107.80.
Traders should respect the potential for a bounce while USDJPY is above 108.00 on a daily closing basis.
However, the recent selloff from 111.00 was relatively aggressive.
That’s not what you typically see from a corrective move.
On the other hand, a daily close below the 108.00 area would expose 106.60.
The 106.60 area has been critical for USDJPY since last May.
Alternatively, a bounce from the 108.00 area would re-expose 111.00 and perhaps the 2020 highs at 112.20.
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