Redundant…I know. But the 123.78 area is stalling the pair today
The USDJPY has had some swing lows at the 123.78-80 area going back to July 31 (see chart below). Yesterday, the pair fell below that level to a new low at 123.68 but closed the day right at the 123.78 level. The correction higher – into the European early hours – held just below the low from Monday and Tuesday at the 124.17 level (see green numbered circles).