Corrects to 38.2% of the move down from the August 1 high….
The USDJPY spiked higher with yields moving higher, stocks moving higher and generarl “risk on’ flows. The earlier upside levels were all busted (and then some – see earlier post here).
The price has now moved above its 200 hour MA for the first time since August 1 and is trading above the 38.2% at 106.674 as I type. The August 6 swing high at 107.089 and the 50% at 107.178 are the next targets. Risk is a move back below the 200 hour MA now.