There is something about the 200 hour MA and trend line below.
The USDJPY found a number of support buyers at the 200 hour MA and a trend line yesterday and again into the Asian session today. Holding that level, helped to turn modest sellers, back to buyers (buyers leaned against the levels in the low risk trade).
The run higher in the London sesssion has taken the pair up to a topside trend line. Will the sellers lean against the trend line now at 108.878? If broken, the door would open for a test of the 2019 swing highs at 108.99 and 109.082. Stay below and the buyers can easily turn to sellers (take profit and new sells).
Drilling to the 5-minute chart below, the swing high came in at 108.76. The last three tests of that high found some buying. A break with more push will be eyed for more downside potential. The rising 100 bar MA comes in at 108.65 and that will be another hurdle for the shorts to take more control from the buyers.
