Support buyers lean on the first test
The USDJPY reached the 100 hour moving average target and bounced (see below line in the chart below).
That 100 hour moving average was broken back on September 22, and has stay broken until the touch today. Since the low on that same September 22 date, the price has moved up 296 pips (in 7 days). The run higher extended to a new high for the year above 111.653. The price also moved above the March 2020 high price of 111.703, but stalled ahead of the February 2020 high target of 112.220. The high price today reached 112.074 before rotating back to the downside.
It will take a move back above the old high at 111.653 and the March 2020 high at 111.703 now to increase the bullish bias once again (2nd verse, same as the first). Conversely a move below the 100 hour moving average would have traders looking toward the low from yesterday at 111.20. Below that traders will start to eye the 38.2% retracement of the move up from the September 22 low at 110.943