...But buyers still have more to prove
I will give the nod to the buyers in the USDJPY.
What I like about the technical picture is that despite the ups and downs today, the price has tested the 200 hour MA (green line), and stayed above that line for the London session. That is the bullish case. That is the most recent test. The "market" is trying to build valued/spend time above that MA line. I give that the benefit of the doubt.
Now is there a sellers (bearish) case?
Admittedly....yes.
What is not so bullish?
The high on Friday made new week highs and took out the 50% of the last move lower at 111.015 (plus it made it about 111.00). However, that failed.
SO if we are going higher, we need to get and stay above the 200 hour MA AND since it only 30 pips away from that MA, get and stay above the 111.00 level.
Right now we are in between - in fact we are closer to the lower line in the sand, but we just tested and bounced (twice).
What we know is the levels are in place. They are not far from each other but at some point, there should be a break and a run. The "market" just has to figure it all out.