USDJPY traders fight it out between support and resistance

• Support in the USDJPY has been found against the 100 day MA over the last two days. That level comes in at the 79.67 level (see chart above)
• The resistance is against the 100 hour MA and trend line resistance at 80.05 (see hourly chart below). 80.09 (50% of the move up from the Feb low will also be a level to get above (see daily chart above).

Bulls and bears fighting it out. Market looking for the break and momentum for directional clues from here.

On a break lower the 79.13 level will be the next target. This is the 61.8% of the move up from the February low (see daily chart). On the topside, a move above the 80.05-09 will look toward the 200 hour MA at the 80.21 and then 80.415 (38.2% of the move down from the April 25th high).