Sellers took the price sharply lower on Thursday/Friday, but traders trying to correct the pair higher.
The USDJPY fell sharply after peaking last week on Thursday. Friday saw sellers take the price below a lower trend line and the 50% retracement at 108.76 and 108.63 respectively. Those levels would need to be taken back on a correction to tilt the bias more to the upside on the daily chart. ON the downside the 108.10 and 107.74 (61.8%) are the next downside targets to get to and through.
Drilling all the way to the 5 minute chart is showing that pair is trying to correct higher off the lows. The price is above the 200 and 100 bar MAs (green and blue lines). If the price can stay above those MAs (for the dip/corrective buyers) at 108.259 to 108.316), there is the potential to correct higher with the 108.77 the 38.2% of the move down from Thursday's high. Before that remember the midpoint from the daily at 108.63. Those are targets.
It is risky, trying to pick a bottom, but dip buyers are trying to correct the pair higher. So far, the success is limited. However, if MA support on the 5 minute can hold, there may be a run higher.
