The USDJPY moved down to retest the 100-hour moving out for the 3rd 4th and 5th time over the last 3 trading days. Each of those tests of the moving average line currently at 141.755, has found willing buyers. That has kept the buyers in firm control.
The not-so-bullish view, is that the high yesterday took out the high from Tuesday, but failed quickly. The high today took out the high from yesterday and has come off as well. If the price starts to trade back below the Tuesday high at 142.247 with more momentum we could see more disappointment from the failed breaks. Be aware.
This article was written by Greg Michalowski at www.forexlive.com. Source