The 200 day moving average is currently at 105.569
The USDJPY was trading just above the 200 day moving average at 105.569 ahead of the unemployment report. The weaker data sent the pair lower and back below the moving average level. The low price moved to 105.451. Subsequently, there has been a rebound and the pair is back above the moving average level. What to do?
If the price can stay above the 200 day moving average now, the buyers remain in control. A move back below and look for the break buyers giving up with a rotation below the low for the day at 105.332 adding to the bearish bias. The 50% of the move up from yesterday’s low is just above that level at 105.365.
For now with the price above the 200 day moving average, have to give the bias and tilt to the buyers, but if the price starts to trade more comfortably below the 200 day moving average, that bias tilts back in favor of the sellers at least intraday.