USDJPY runs up to the 200 hour MA and finds some selling on the test. | Forexlive

The USDJPY broke above its 100 hour MA (blue line) earlier today and then the high from yesterday near 131.45. That gave traders the go-ahead to push to the upside.

The subsequent run higher took the price toward the falling 200 hour moving average at 132.23. The high price just reached 132.19, before backing off. The current price trades right around the 132.00 level (see earlier post after the ISM/JOLTs data).

Getting above the 200 hour moving average (green line) is needed to increase the bullish bias going forward. A break above would have traders targeting the 38.2% retracement of the move down from the December 15 high. That level comes in at 132.810.

Staying below, pits the buyers (above the 100 hour moving average), against the sellers (against the 200 hour moving average). Traders could use the levels to ping pong until that time that there is a break.

A break of the 100 below or 200 hour MA above, would tilt the technical bias in the favor of the break direction.