USDJPY Corrects Toward The 38.2% Retracement Of The Day's Trading Range

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The USDJPY moved to a low of 106.067. That was near the lows from early May at 105.98. Buyers lean against level. We have seen a rebound back higher and above the swing area at 106.35 to 106.44.  Traders will be watching that level for intraday bullish or bearish clues.

Bounces near the 106.00 level

Drilling to the 5 minutes chart below, the correction off the low has approached the 38.2% retracement of the days high the low trading range. That 38.2% retracement level comes in at 106.505. A move above that level is needed to give the buyers more confidence. It represents the minimum corrective hurdle for the dip buyers.