The USDJPY gapped from the close on Friday and fell below the consolidation lows but momentum faltered without getting to the next target and buyers returned. The 100 hour MA (blue line) remains as the topside resistance for the pair (along with the 200 hour MA (green line). The pair has been in a 36 or so pips range over the last 12 or so hours.
The 100 hour MA (blue line) was breached by a pip or two in trading over that time period but I think it safe to say, that traders leaned against level as up and down trading continues to dominate this pairs landscape.
USDJPY looks below 117.17 but does not wander far before reversing.
Support remains at 117.17-32 and then the low from January 19 at 116.92. Of course, the 100 and 200 hour MA providing the closest resistance now at 117.78 and 117.90 respectively. Play the ranges until a break. If a break fails to ignite and keep momentum, you have to respect that failure.
