Low for the day reached 103.17. March 12, 2020 low at 103.066
The USDJPY is lower on the day and in the process got closer to the March 12, 2020 swing low at 103.066. The low price for the day reach 103.170 so far. The current price is off that low at 103.395. Buyers leaned against the low and in doing so took some minor control. At least they are in the ballgame as long as the price can remain above the 103.066 level.
Yesterday, the price on the daily chart fell below the swing lows going back to July between 103.995 and 104.18. Ultimately, if the buyers are to take back more control, getting above that level on the daily chart would be needed.
Drilling to the hourly chart below, the price is trading below a topside trend line and above a bottom side trendline. At the low today, I can't say that it scraped along the lower trend line but it got close. The pair is testing a swing area from yesterday's trade and today's corrective high between 103.563 and 103.604. The topside trend line cuts across near the high of that swing area. Get above and there could be some more upside probing in the corrective move higher.
Overall, there is some reason to expect a corrective bounce. The USDJPY pair got close to a swing low target. Early buyers leaned against that target. Having said that, if the buyers are to take more control, they need to start taking back more technical levels on the topside. On the hourly chart, that starts with getting above the 103.563 to 103.604. Failure to do that and the sellers still remain in control.
