USDJPY marginally higher in up and down session. The 100 hour MA catching up to the price.

USDJPY stays above 100 hour moving average Yesterday, the USDJPY rotated back to the downside after 13 days of gains. The low price yesterday was able to get through the 38.2% retracement of the last trend leg higher of the larger trend move higher. That level came in at 127.748 (see yellow area in the chart above). However the price was not able to extend to the rising 100 hour moving average. The price yesterday closed right near the 38.2% retracement level. In trading today, the price initially moved higher in the Asian session, but could not extend toward the underside of the old trendline (it fell well short of that target). As a result, buyers turned back sellers and pushed the price of the USDJPY back toward the 38.2% retracement and the rising 100 hour moving average. However sellers could not push below that level and the price has trading back above the 128.00 level up to 128.247 currently. Ultimately, if the sellers are to take more control, getting below the 38.2% retracement at 127.748 and the rising 100 hour moving average currently at 1.2765 would be needed to increase the bearish bias. Absent a move below those technical levels, and the price action is still in just a modest correction off of the last trend move higher. The buyers still hold the strongest hand, and the sellers are still hoping for more downside probing versus taking back control.