Yesterday the price tested the targeted 50% retracement and held at 80.55. Today the price continued the decline to the targeted broken trend line (see post from yesterday “USDJPY reaches 50% target and stalls”). That level at the 80.09 level today, was joined by the 100 hour MA and gave traders the reasons to buy.
The price is now between support at 80.09 and resistance at 80.55, with the 38.2% of the move down from the Apri 25th high to the low as the midpoint (at 80.285). Look for buyers below. Seller above and a break of either extreme a clue for momentum in the direction of the break.