It will take a move below the MA to hurt the short term bias
While other pairs have ranges that are above or well above the 22 day average ranges, the USDJPY range has only a 43 pips vs a 22 day average of 68 pips (the USDCHF is below at 60 vs 72 average too).
Looking at the hourly chart, there is a lot of ups and that has been the pattern over the last few days.
For today, however, the price has been above to find support on dips against the 100 hour MA. The current bars low reached 107.204 with the 100 hour MA is at 107.188. Earlier in the day, the dip in the Asian session, but also bounced just ahead of the MA level.
If the price can stay above the MA, the buyers are still in the game from a short term trading perspective. A move above the high, would have traders looking towar the 38.2% at 107.817 and the falling 200 hour MA at 107.912. If the price moves below the 100 hour MA, the sellers take back full control. Look for stops on a break.
