After a trend-like move, the corrections help to define the breadth and support for the trend. If the 38.2% retracement of the trend run holds, that is indicative of support buyers looking to hop on. If that level and the 50% of the same move are both broken, that is generally not good for the trend move.
Looking at the 5 minute charts of some of the major pairs the 38.2% are so far holding. That keeps the buyers in control. It does not mean they will stay that way, but “so far, so good.”
GBPUSD: The GBPUSD run up has the 38.2% at 1.2378. The 38.2% area found support buyers near 1.2378. The 50% is at 1.23579.
EURUSD : The EURUSD run up has the 38.2% at 1.06176. The low stalled ahead of that level on the move lower. The current price is at 1.0652.
USDJPY : For the USDJPY the correction off its sharp trend move to the downside, has not gotten close to the 38.2% . Helping to keep the technical wraps on the break lower is the 200 day MA at 135.253. That MA was broken, and although the correction off the low at 134.654 has seen modest moves above the 200 day MA, the price has not been able to extend far above the level and certainly has not gotten clos to the 38.2% at 135.71. The high corrective price reached 135.36 so far. If the price is able to trade more comfortably above the 200 day MA, that will be a short term signal for a further run toward the 38.2%. For now with the price at 134.97, the sellers are holding onto firm control.