Leaning against the underside of a broken trend line...
The USDJPY got a rocket boost when the price today moved above the 200 hour moving average (green line in the chart below). That break , has helped the price move right up to the underside of an old broken trend line (see blue circles).. The first 3 points on that trend line formed the line. The last 3 (4, 5 and 6) have provided a ceiling that traders have leaned against to define and limit risk (including today's highs).
The current point on the line comes in at 123.14. All is good for the sellers against that level, but if there is a break there should be added buyers. Look for a move below the 123.00 level to give the sellers more confidence (or at least some breathing room). The 200 hour MA, however, should find buyers. That level comes in at 122.83.
