Thanks Billy for pointing out the 200ma (in orange) support for the USDJPY seen here on the 4H chart.
The pair is in a triangle that one could argue both ways – though I still would expect a run down to shake a few longs should the lower support break. The topside extension will get the bulls back on track.
USDJPY H4
USDJPY Daily
The daily chart show us that the spike low a couple of days ago exactly stopped at the support trend line from 9th January to the high and coincided with the 0.50% of that move. Uncanny !
