First look below the 100 bar MA
There is a little crack in the bullish armor for the USDJPY. The price has moved below it's 100 bar MA at the 113.74 level. That is the 1st breach below the line today. The 200 bar MA /38.2% retracement of the move higher comes in at 113.55 area. The 50% and the 200 bar MA on the 4-hour chart should be tougher support on the downside. Those targets come in at 113.37-408. On the way higher today, that MA was tested and held. Then broken and held. So what was resistance became support. Traders will look for the level to provide support on a test.
If this move is a fake break, we should see a move back above the 100 bar MA. The 113.96 is resistance with better resistance near 114.13-167. The 114.167 area is home to the the 100 week MA (may be a few pips different on your chart).
