Is USD/JPY ready for a bounce? Here is the level to watch.

FX:USDJPY   U.S. Dollar / Japanese Yen
I don't like picking bottoms, however, buyers have stepped up ahead of the 1.08 level.

This is a 2-day chart. There are two scenarios I see playing out.

1. This is a large retracement from 100-118 range and we are headed back toward the 118 level.

2. A series of lower lows, lower highs has started and we are heading back toward 100.00

The Key Level

I believe 112 is the key level. A sustained move above and scenario one has a better probability of playing out. A failure there and scenario 2 seems more likely.

I have a limit buy order at 108.90, targeting the 112 level.
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