The USDJPY is trading to a new session high and in the process is retesting its 100-day moving average at 147.242. Just above that is the falling 100-hour moving average at 147.380.
Getting above both those moving averages would be needed to increase the bullish bias in the short term at least for the USDJPY. Conversely, if sellers continue to lean against that level (and so far they are doing just that), the sellers remain more in control. On the downside getting below 147.65 and staying below (the pair has had trouble doing that) would give the sellers more control. That level was the low from last Wednesday and Friday.
This article was written by Greg Michalowski at www.forexlive.com. Source