USDJPY traders not giving up on the upside

The USDJPY corrected lower earlier today and in the process retested the broken trend line on the daily chart above. Buyers leaned and pushed the price back up. They are not giving up on the run higher (or so it seems).

Looking at the 5 minute chart the price correction lower today took the price below the 100/200 bar MAs (blue and green lines in the chart below), but was able to bounce and extend back above those MAs in the US session.

Those MAs are near converged now at 118.13. Watch those levels as barometers for buyers and sellers. Move back below and the sellers could return as they win the recent battle in the short term (without making new highs (see chart below).

However until then, the move back above the shorter term MAs, keeps the buyers in control and the sellers more in fear of the trend.