Yesterday, the USDJPY traded up and down, but put a lid on the price rise against its 100 hour moving average (blue line). The 200 hour moving average was just below that moving average level, but breaks above it did not lead to a momentum break above the higher 100 hour moving average. As a result price action was up and down in a narrow trading range.
The 200 hour moving averages currently at 113.64. The 100 hour moving averages at 113.718. The current price has now pushed above the 100 hour moving average, and is trading at 113.86. Buyers are making a play.
Close risk is now the 100 hour moving average. Buyers would not want to see the price move back below that moving average level.
On the topside the next target comes in at 113.954. That was the swing high going back to November 29 and December 8. Above that is the 50% of the move down from the November 24 high at 114.019, and the highs from last week's trade between 114.203 and 114.27.