Something has to give...
The USDJPY just went down and tested the lower trend line after testing the upper trend line earlier today (see chart below). So far, "the market" is using the levels to ping-pong between support and resistance and then support again.
At some point something has to give either to the upside or the downside. We did move above the 100 day MA this week at 111.78 and tested yesterday at the low before moving higher today, but technically, you don't like to see new highs, leave a big tail on the candle and close lower. Yesterday the price closed at 112.289. A move below that level could spell more trouble techincally (see daily chart below)..
