The USDJPY fell below the 100 and 200 hour MA at 79.50 and then the trend line support (at 79.38), hit stops but found support buyers against yesterday’s low. The price has rebounded just as fast back higher. Markets are getting a bit sensitive.
Consumer confidence coming in weaker ignited the reaction. The reaction off the lows will likely put the trend line back in play (at 79.38. A move above the 79.50 should see further buying with the topside trend line (see chart above) at the 79.59 level the break price for further upside momentum.