Last week, the price spiked above the MA on FOMC day, but quickly retreated
The USDJPY is higher for the thrid day in a row (bottomed on Friday). The move higher today consolidated at the start, above and below the 200 hour MA (green line at 108.602) and the 50% retracment at 106.58. That combination does tend to give traders cause for pause.
However, early in the session, the pair kicked higher and has continued the ratchet in that direction since. A new session high was just reached at the 108.91 level.
The next key target comes in at the 200 day moving average at 109.009. On the FOMC day last week, the price spiked above that level only to find resistance against a topside trend line at 109.28. The price quickly reversed and has not been above that 200 day moving average since that time.
I would expect that a grind higher from here, would find respectful sellers against that moving average level with stops on a break above. If sellers enter, a rotation back below the 108.77-80 level and then the broken 61.8% retracement at 108.746, would weekend the technical bullish technical bias on the chart.
Taking a broader look at the daily chart below, the 200 day moving average- apart from the brief spike above the level last week - is really not been tested or broken since April/May. On a move above, the 109.35 area would be targeted. That is the 61.8% retracement of the 2019 trading range. The high price from August 1 also stalled near that level at 109.311. A move above that level would look toward 109.70 and then a trend line at 110.19 currently.
