Bounces off the floor. Uses the 100 hour MA as resistance
The USDJPY is playing the support and resistance game in trading today. The low has held against the most recent lows at the 118.22 and 118.32 levels. On topside, the correction off of that floor held resistance against the 100 hour moving average. Looking at the hourly chart below, the price for the USDJPY has been trading above and below that 100 hour moving average line. With the price holding once again, a move back above that line is needed to extend higher - at least until the 200 hour MA (green line).
On the downside, the 100 bar MA on the 5 minute chart has been providing trading clues (see chart below). That level comes in at the 118.60 level currently. Stay above and the intraday buyers remain in control (i.e. risk level). Move below and there could be more downside trouble.
