Modest bounce off the lows
The USDJPY moved lowest level since September 13th taking out the September 18th low at 111.658. The low reached 111.617. At the low, the pair was testing an upward sloping trend line at 111.641. Buyers leaned near that line. Stay above and the dip buyers will remain happy. Move below and the traders will start looking toward the 100 day MA at 111.284.
Drilling to the hourly chart, the bounce off the trend line has been modest. The highs have all peaked at 111.92. That is now a downward sloping trend line. If the price correction is to continue toward the 100 hour MA (and higher trend line) at 112.389 (and moving lower) that level needs to be broken.
Overall, the seller have had more control in October, However, the trend line on the daily is giving some cause for pause for risk defining traders. A move below is needed to target the 100 day MA.
In the trading for the day, on the topside the 111.92 is a sticky level that is now joined by a trend line on the hourly. Dip buyers need a break above that level to get things going. The battle is on.