The buyers in the USDJPY are making a play as Fed's Bullard speaks more hawkishly. The price is above a swing area on the 4-hour chart and also a swing area on the daily. The high from last week is eyed at 138.74.

If the buyers can stay above the swing area support, the 50% of the move down from the 2022 high to the 2023 low would be targeted at 139.574. That will be the target IF the support targets can hold and keep the buyers in full control.