110.75-79 was a swing area earlier in the month
If you look at the hourly number of the USDJPY, the 110.75-79 was a swing area earlier in the month (July 3, July 6, July 9 and July 11). The low today reached 110.745 and bounced.
The pair has bounced back above the 111.00 levels. There were come swing levels - also from earlier in the month - at 111.13 level. The corrective price reached 111.188 so far (and testing the high now). The close from Friday came in at 111.394. That is a target price....
Drilling to the 5-minute chart below, the move off the low was able to get above the 100 bar MA (blue line) initially (and found support buyers near the level on the dip). The price is now trading above the 200 bar MA (green line) at 111.086. The 100 bar MA is at 111.032. A move back below the 200 and 100 bar MA is now risk for the dip buying longs. Stay above, and the the buyers can look back toward the 61.8% of the days range at 111.21 and then the close from Friday at 111.394 area.
