The USDJPY has extended to another 20 year high, surpassing the earlier high for the day at 126.784. The current price trade at 126.89 which is the new high for the day.
Earlier in the North American session, the price of the USDJPY had moved below the 100 and 200 bar moving averages on the five minute chart. Sellers tried to lean against those moving averages and keep the intraday bias tilted modestly to the downside (see earlier post here).
However, the price momentum could not be sustained, and the price moved back above those moving averages 1-2 hours ago. The price of the pair has been stepping higher since then has the intraday bias shifted back in favor of the buyers.
In a trending market, the sellers have to prove that they can take control and keep control. The sellers against the 100/200 bar moving average earlier in the US session showed some attempt to do just that, but that try failed.
It would take a move back below the moving averages currently at 126.62, to shift the intraday bias back in favor of the sellers.