Old swing area tested
The USDJPY moved above the 100 hour MA with help from the PPI and an overall bullish run higher after testing 109.00 yesterday along with a swing area at 108.95 to 109.045 (at the week's lows).
However, the move above the 100 hour MA failed and the price has moved back to an interim swing area between 109.524 and 109.592 (see red numbered circles). That area should be a barometer for buyers and sellers now. Move below would be more bearish. Stay above, and another run to the 100 hour MA will be in order.
For the week, the USDJPY the pair peaked on Monday near a topside trend line. The price fall initially stalled at the 200 hour MA on that day.
On Tuesday, the 100 hour MA was retested and found the sellers. The subsequent move below the 200 hour MA was met with momentum selling, leading to the forming of the aforementioned swing area on Wednesday. Yesterday, the move lower continued bottoming at the 109.00 low and swing area.
So overall, the price is lower on the week with resistance and support near 110.00 on the topside and 109.00 on the downside.