Ceiling at 105.78 to105.82
The USDJPY is mired in another up and down trading day.
The Asian session high stalled in a swing area between 105.782 to 105.822 (see red numbered circles). The high for the day reached 105.797 before moving back down.
The low for the day did extend below the 100 hour MA (blue line) and even a lower trend line on the hourly chart. Recall from yesterday, the price moved below the MA as well. However, like yesterday, the momentum below the level was short lived and the price has rebounded. That MA remains a barometer for buyers and sellers (it is currently at 105.515). If the price moves below it (and the trend line just below it), sellers will wrestle more control from the buyers.
So the battle lines are drawn with the 100 hour MA (trend line) below at the 105.50 area and the 105.78 to 105.822 as the topside target.