A new higher trend line has taken over as resistance
The USDJPY is not running away, but it is higher (closed at 114.025 yesterday and trading at 114.36 currently).
Technically, the pair has raised a topside trend line that took over for a lower line as a topside resistance level for traders to lean against on rallies (see higher trend lines on the chart above).
The trend line now has 4 points on it (see red circles). It currently comes in at 114.51. Is holding more bearish? HMMMMM, sellers against it have defined and limited risk but I would expect stops on a break. Also if we are honest with ourselves, the sellers have not exactly taken much control. Putting it another way, if short, there is not much profit.
Drilling to the 5-minute chart, you can see this dynamic. It shows the choppy move higher. However, note the action around the MA lines (see arrows near the blue and green lines). Most of the time, the price has found support at the 100 and 200 bar MA lines (blue and green lines) and rotated back higher.
Yesterday, the MAs were busted to the downside and retested and held (see red arrow). That should have turned the tide more to the downside (bearish) and it did - a little.
However, the price moved back above the MA lines today, and we have remained above the MAs since then. Note, the price just tested the 200 bar MA and bounced. Buyers in control still.
So although there is topside resistance, there is bottom side support as well AND the price is moving higher.
Watch the 200 bar MA as a risk/support level (on the 5 minute). Stay above is more bullish. Move below is more bearish. Also be aware of the topside trend line on the hourly. A move above, is more bullish. I would expect stops on a break.
The price action may be choppy. The gains may be limited but the buyers are still in control.