Two looks at the level. Two bounces.
The USDJPY fell below the 100 day MA in the early London trading but bounced quickly.
The price just went back down and tested once again. There was a 2 pips move below the line. No follow through selling. We are seeing a move back higher.
We could of course get a breathe and move back lower and through, but traders who are buyers and looking for a corrective rally know where their risk is located. Are we out of the bearish woods after the sharp tumble yesterday? Not really. There is some tough resistance above at the 113.45-113.59.
I know I am a bit of a broken record today. There is not a whole lot going on, but knowing the levels is key as the market consolidates.