Swing area for the USDJPY holds support at 109.322 to 109.346
The USDJPY has two separate lows today. The first reached 109.322. The most recent one in the NY session reached 109.334. Both dipped briefly below the low from Monday at 109.346. That area can be traced back to May 17 and May 19 when the level was a ceiling. Going forward, it would take a move below that area to tilt the technical bias more to the downside.
PS the 50% midpoint is just above that area at 109.372 (of the move from the May 25 low to the high on May 28. Staying above is more bullish).
Although bullish above the swing area, the price of the USDJPY still needs to get and stay above the 100 hour MA above (currently at 109.56 – see blue line). The broken 38.2% is also in that area.
If the swing area is support below, the 100 hour MA/38.2% is resistance above. Those levels are also key bias defining level that would increase the bullish bias above the 100 hour MA, but increase the bearish bias below the floor swing area.
So keep those levels in mind going forward as the day and the week progresses.