USD/JPY to rebound?
A bounce off the 200-day simple moving average (SMA) at ¥108.84 seems to offer the possibility of a rebound for USD/JPY towards ¥110, or perhaps ¥111.
As long as it holds below ¥111.68, the sequence of lower highs is intact. A proven stumbling block remains ¥109.50, so a break above here opens the way to ¥110 and higher. Bears will need to break ¥108 to create a new lower low, and below ¥107.45 would open the way to ¥105.60.