Technical Analysis

USDJPY tests 38.2% retracement at 107.682

Dip held the 107.38 

In an earlier post, I outlined the 107.38 level as a support level. It was where an old trend line on the daily came in today.  

Watch 107.38 below for clues (look for buyers against that level – a move below is not that great for buyers) . A move above 38.2% is needed for more upside. 

The 107.38 found buyers at the level.  The price has moved up to test the 38.2% at 107.682. 

The levels below and above are holding.  Buyers leaned below. Sellers are leaning above.  

The battle is on now against the 38.2%.  A move above the 38.2% will target 107.809 and 107.88. The 107.809 is the swing low from June 5. The 107.88 is near swing low from June 7 and the 50% of the range for the week (another key level). 

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