The USDJPY has breached 50% of the move up from the September 28th low, trend line support, 200 hour MA (green line). The price also dipped below the low from the day. What should the price do? Go lower. A new low was reached at 78.069 (low was 78.11), but the momentum lower has slowed.
This is a key area for the pair especially with the day being a semi US holiday. What you have to respect also is the trend characteristic of the day. Looking at the 5 minute chart the price has not been able to get above the 100 bar MA (blue line in the chart below). There may be a cluster of support in this area that makes buying tempting. However, if the price cannot extend above the 100 bar MA on this chart (at 78.20), are the buyers taking back control? Not really. The burden still remains on the buyers to take back control.
