Barometer for bulls/bears
As the day works toward the close of the day, the USDJPY is inching closer to it 100 hour MA at 108.472 (blue line in the chart below). On Monday, the price moved above and wandered higher. Yesterday, the price fell below and wandered lower. Today, the wander is back higher toward the MA level.
The level is a technical barometer for bulls and bears. Stay below, and “the market” will be more confident to move back lower. Move above and the pair should take a run toward the 200 hour MA. The price has not been above the 200 hour MA since December 17th. A move above would attract more interest from the buyers/longs.