The 1.1314-177 area has been a swing area for the pair
The USDJPY moved to a low swing area yesterday and again in the early hours of trading today at 112.60-657. Yesterday the area was broken but only by a few pips. The break FAILED. Today, traders not to be fooled (or so it seems) leaned against the level. Seller turned to buyers and the price correction started.
The price has just moved up to a new session high but that high approaches a key swing area at the 1.13143-177 area. That area is home to the 50% retracement and a number of swing levels. Technically, the area forms a BULLISH above/BEARISH below scenario. Look for sellers to lean with stops on a break above.