USDJPY keeps the bulls in control
Stays above the 200 bar MA on the 4 hour chart
You might have to read, a long education post to understand fully, but the USDJPY did hold support on the 5-minute at the 200 bar MA (green line). The 38.2% also held on the dip.
The 100 and 200 bar MA are following the price below. That keeps the buyers/bulls in control.
Today, the momentum has slowed after the sharp and quick bullish run higher yesterday, but technically, the bias has not changed - even in the shortest of views of the market.
Stocks remain happy, which can help the pair. Yields are hanging around unchanged levels. Powell says US in good place with regard to inflation and employment goals. Goldilocks?