Lower trend line keeps the buyers in play.
The USDJPY has extended the consolidation phase to 3+ days now. Today, the price is lower, but off the lows for the day. The low levels stalled along a trend line on the hourly chart, keeping the buyers in play and thwarting the sellers from taking more control. That trend line comes in at 110.28 (and moving higher). Below that trend line is the important 100 hour MA (blue line). That MA is also rising and currently is at 109.978 (call it 110.00). The price of the USDJPY has not traded below the 100 hour MA since March 16 (a brief dip below). March 12 was the last time the price traded for an extended time period below that MA level (of course and at much lower level of around 104.00).
On the topside, the buyers did have a shot of taking the price higher on the break of the ceiling at 111.50 yesterday, but the moves above those levels failed at the 111.584 peak. If the price is going higher, getting and staying above those levels would be needed.
Intraday, the price action is up and down today. The lows have stalled along a trend line. The price is trading around the 50% of the move down from yesterday's highs at 110.828. The price is above the 100 and 200 bar MAs at 110.543 and 110.63 currently. The price has been able to stay above the 200 bar MA since breaking about an hour or so ago. If the price can stay above the 200 bar MA (green line), that keeps the buyers in control intraday. Move below the 200 and 100 bar MA (blue line) and the intraday sellers are back in firm control.
