It is pushing against the 100 hour MA but so far stalling...
The USDJPY got within 4 pips of the 100 hour MA earlier.
It just got right up to the MA line at 110.86 and is still having a problem breaking through.
The good news for the longs (looking for a break higher), is that the correction has been modest after the run up (see 5 minute chart below). The price correction stalled between the 38.2-50% retracement area. The price stayed above the 110.60 which was a swing level from yesterday's trading (the 50% is at 110.55). All is semi in the buyers favor.
The not so great is the price action off the 5-minute chart below, is also choppy. There are dip buyers but that 100 hour MA is still looming large. Without a break above the 100 hour MA, the fight simply continues, and so does the chop.
Add to the chop, is off the daily, the price remains below the 50% and also below the November low at 110.847 (which is right by that 100 hour MA). So buyers - from that perspective - still have some work to do.
