USDJPY moves back above the 100 hour MA at 103.98

More dollar buying

The USDJPY has broken back above the 100 hour MA for the 2nd time after the CPI data and above the 104.00 level as well. The 200 hour MA held on the lows. Traders will want to see that break hold now if the buyers are more serious about the move.

Helping the technical picture is that hold of the 200 hour MA. The price of the USDJPY has traded above the 200 hour MA since September 29th. There was a dip below in the Asian Pacific session that was quickly reversed. The fall off the CPI held that line. Sellers had a shot. Now it the buyers turn to show what they may have.

The 104.15 level will be eyed and above that the topside trend line at 104.23.