Like other currency pairs today (see EURUSD post here), the USDJPY is stuck in a the wash cycle today where the price action is getting mixed.
Looking at the hourly chart, the low reached in the Asian -Pacific session found support buyers near the lows from yesterday and within a swing area between 131.297 and 131.456. The low reached 131.376.
The subsequent rally, has seen highs and lows made in up and down price action. However, of significance technically, was the high price stalled at the 100 hour moving average (blue line currently at 132.502). The inability to move above that target level has defined the upper extreme.
So 131.297 to 131.456 is support, and the 100 hour MA is resistance at 132.502. In between the 200 hour MA at 131.922 is an interim barometer. Right now the price sits between the 100 hour MA above and the 200 hour MA below and traders are feeling like it can go either way from here.
