Retracing earlier gains
The USDJPY surged higher in trading today and in the process moved above the 200 bar MA on the 4 hour chart (currently at 104.81 – green line in the chart below). The pair also moved above the 50% of the move down from the May 30 high to the Brexit low. That level comes in at 105.23. The low corrective price has tested that 50% a couple times in the London session since breaking – including just a minute or so ago.