Buyers showed up at the MA line.
The USDJPY fell to the key 200 day MA at 112.15 level, tested and bounced. We currently trade at 112.37 (see earlier post outlining the level).
The technical question for those buyers below now becomes, "Can the price get back above the 100 and 200 bar MA on the 5-minute chart?"
Those MAs come in at 112.44-45. The pair has traded above and below those MAs today. The last fall below did see sellers but only to the the 200 day MA. Get back above the combo at 112.45 and we should see further upside, with the high for the day in play.
This is what the picture looks like on the daily chart. A close above the 200 day MA will look bullish for the pair. Note that earlier in the week, the 100 day MA moved above and used that MA as support. The pair is stepping forward and higher with the 100 and 200 day MAs providing the steps to the upside.
