We know it will be a tough nut to crack

The USDJPY has moved up to test the 200 day MA (for the second time today at 120.95) and traders are leaning against the level once again. We knew it would be a tough nut to crack. Going back to the end of August, the pair has peaked above this key moving average on 5 separate occasions, and each time the price peak has failed (see green line in the daily chart below).

in the Asia-Pacific session, the price moved ever so slightly above the moving average.

And in the last few minutes it did the same thing. Needless to say a break and run above is needed to help propel the next upside leg (if it is to happen). Testing again now. Key moment.....