Can it climb over it?
The USDJPY moved lower in the Asian session - falling below a trend line and moving to the lowest level since March 7th. The fall fizzled however, and the price waffled up and down in the London and NY session - until the last few hours at least.
The price has extended back to the upside but ran into a brick wall. That wall was defined by both the 200 hour MA AND the close from yesterday. Both come in at 106.30.
The price has rotated back lower. The question now is "Can the market climb over that wall, instead of running into it?"
The wall is winning so far, but the good news for the buyers is that they have been able to climb back to unchanged and back to the MA. However, there is work to be done.
Drilling to the 5-minute chart, the 106.15-17 is a swing area over the last 24 hours. That is a close risk defining level to eye for support. Below that, the price in the last move higher moved above the 100 and 200 bar MAs on the 5-minute chart below, tested those MAs, and raced higher. They come in around 106.00 and moving higher. If the price can not hold above those MAs going forward, the buyers are not winning.
