USD/JPY INTRADAY CHART
BIAS: I feel we may see a limited recovery today
Resistance: 108.45-57 108.90-96 109.30-35 109.55
Support: 107.89-06 107.66 107.29-45 106.90-00
MAIN ANALYSIS: Oh gee… the market had a fun ride on a one-way roller coaster. Every area I thought may hold just withered as price pounded lower. I can't even say that there are any bullish reversal indications - because there aren't any - except a minor inverse head and shoulders that could take it up to around 109.55-85. This would be triggered on a break above 108.45. Having said that we do have the hourly Price Equilibrium Cloud between 108.45-57. Thus, be patient and await a break above that should take price up towards the 4-hour Price Equilibrium Cloud, currently at 109.75-110.10 (and declining.) This will likely be the most we see today assuming the inverse head & shoulders is triggered.
COUNTER ANALYSIS: Only a break below yesterday's 107.66 low would extend losses. If this comes after testing the hourly Price Equilibrium Cloud then there may be a risk of losses to 107.29-45 at least. From there take care. There is also a mildly deeper projection at 106.90-00