USDJPY fell sharply in the Asian session after breaking below the swing zone at 154.778 and 154.878. The decline saw the price move to and through another target area near 153.99 (we call it 154.00).
The low price extended down to 153.595 before starting its bounce back higher. This bounce saw the price initially move to the bottom of the aforementioned swing zone near 154.77 and 154.878. Later buyers took the price with greater momentum.
The latter would take the price back above the 8-hour moving from 155.38 and through the 50% down move this week (at 155.173). These two levels are now close measures for both buyers and sellers. A move below 155.17 would be more bearish in the short term. A move above the 200 hourly level and exit at 155.38 would be more bullish.
On the upside, the 100-day moving average is at 155.721. This will be a goal to gain more momentum.
A move below the 155.17 level would see traders looking at a swing zone near 154.80.
The battle lines have been drawn.