Watching 200 hour MA/50% of the day's trading range.
Looking at the five minute chart below, the price of the USDJPY has had runs above the 100 bar MA (blue line in the chart below), but has not had much luck on any meaningful break above the 200 bar moving average (green bar in the chart below). Since late Monday, there has only been a few bars where the price has close above the 200 bar moving average.
The pair is currently making a new run to new NY session highs. What will help the dip buyers is if the pair can get and stay above the aforementioned moving average at the 100.95. We will see. The trade is to lean against it until the proven otherwise. Keep on eye on the 100 bar MA (blue line) below for support. If that can hold too, the traders might be taking a breathe for a push higher. If the price breaks below, it will look like the other tests and failures. PS the 50% of the day's trading range also comes in near the MA level (at 100.968).
Overall, the pair has been trending lower (see hourly chart below). The low today stalled above the 100.00 level (at 100.183) and near the lower channel trend line. The pair is up testing the upper channel trend line at the moment. That level comes in at the 100.89 level currently. Traders are testing some intraday levels on the charts.
Stocks are lower in pre-opening levels in the US. In Europe the stocks are off the lows. The Dax, Euro Stoxx and Cac were each down around 2% at the start of the NY session. The prices are a bit higher but still remain down about 1.7%.