Tests 200/100 MAs
The better than expected CPI sent the USDJPY higher. For the USDJPY, it moved up to the next targets against the 200 and 100 hour MA as the 102.195-241 level. The price stalled on the first look (green and blue line in the chart below).
Because the pair has been waffling back and forth in choppy trading, some of my favorite MA have congregated in the 102.195-36 area (200 hour MA, 100 hour MA and the 100 bar MA on the 4-hour chart). Getting above them is the next challenge for the buyers. A trend line also cuts across in the area.
Another favorite MA is the 200 bar MA on the 4-hour chart. That is lower and was the lean level for buyers early in the Asian Pacific session (risk was defined and limited). Perhaps those buyers are happy sellers against the other MAs . It seems to be the case on the first look at least....
Keep a close on at that level as traders trade the technical levels.