200 bar on the 4-hour chart
The USDJPY moved to a new session low when the stocks were closed for the 7% decline. That low reached 101.17. Looking at the weekly chart, that low reached the swing low going back to November 2019 at 101.179. Support held.
Since then the price of the USDJPY has rebounded from a low of 101.17 to a North American session high at 102.637. The most recent high reached 102.593.
Technically, looking at the 5 minutes chart above, the recent price high tested its 200 bar moving average (blue line) at 102.583 and stalled. The price currently trading at 102.44.
Despite the bounce off of the November 2019 low, holding the level intraday keeps the bears more in control today.
However, given the bounce on the weekly, traders have to be aware of more short covering potential.
Intraday, there is a battle going on between the 100 bar moving average below at 102.316 and the 200 bar moving average at 102.583.
Keep those levels in mind. It will probably take a corresponding move in stocks either up or down to push the price one where the other. So traders are subject to that volatility.
However, a break with momentum in either direction will be eyed.
