200 hour moving average, 200 day moving average and 100 hour moving average are lined up on the topside
The USDJPY fell back below its 200 hour moving average in trading yesterday. Recall that on Friday, buyers came in against that level and push the price back to the upside. The move below yesterday tilt the bias more to the downside and prices continued the run to the 105.00 area.
In the early Asian session today, the price attempted to push away from the 105.00 level, but could only reached 104.916 before rotating back to the upside. Most of the price action today has seen hourly bars moving higher (10 of the last 13 are higher). The current hourly bar pushed above the 200 hour moving average at 105.389 today. The high price reached 105.424 so far.
Although, the price has been stepping higher, what should limit the move higher is that the 200 day moving average at 105.469 and the 100 hour moving average at 105.535 are lined up above and potential resistance sell targets for bears, or risk focus traders who simply see the area as a low risk trading opportunity (with stops on a move above).
I would expect patient sellers to lean against/in the area with stops on a break above. There is just too much technical resistance in the area to not respect it.