Can the USDJPY hold the broken MA line?

Technical Analysis

Author: Greg Michalowski | usdjpy

Tests MA level on correction

The USDJPY is back down retesting the broken 200 hour MA (green line in the chart above). That MA was broken earlier today at 110.96 area, and the price peaked at 111.22.  The move back down is back at that key MA level.

The last time the price was above the MA was back on January 10th (only briefly). The move above today puts the buyers more in control, but that control is now being tested.  

If it holds, that will be good news for the dip buyers.  The 111.20-22 and then the 111.406 are targets. 

If the price moves back below, the USDJPY buyers will be disappointed and may throw in the bullish towel.  A move below the 100 hour MA at 110.85 would really get the buyers scratching their heads (and would likely lead to more selling). 
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