Falling trend line and MA catch up to the price
The USDJPY is testing the falling trend line and 100 hour MA at 112.17 level. The price has not closed a bar above the 100 hour MA since October 5th. The consolidation/correction off the low (we are higher today) has allowed the MA and trend line to catch up to the price. Traders are leaning so far against the level. A move above is a tilt more to the bullish side with 112.29 and 112.50-558 as targets.
The price of the pair did extend up to the 112.50-558 level in trading last week and stalled. It is the 50% of the last leg lower from the October 9th high to the low reached yesterday. Earlier today a lower trend line was broken which gave buyers a reason to buy.
Now the 100 hour MA and the higher trend line give traders another decision point. Go higher or continue the more bearish bias back down?