The price of the USDJPY has not had an hourly bar close below the 200 hour MA this week
The price of the USDJPY started the week below its 200 week moving average. The 1st hourly bar opened below the 200 hour moving average at 106.59 at the time. The low price reached 106.49. However the price immediately rebounded and closed above that moving average level. No close below the MA level.
On Wednesday, the price dipped again below its 200 hour moving average, but only by a couple pips before rebounding back higher.
Yesterday the price low stalled just ahead of the moving average level and bounced higher again.
The dip today off of the retail sales took the price to a low of 106.85. The 200 hour moving average is currently at 106.828. We currently trade at 106.92.
There has NOT been an hourly bar close below the 200 moving average this week. That increases the levels importance technically.
Buyers and sellers are focused on that level. Stay above today and the bulls hold the advantage. Move below and I would expect stops to be triggered and a probing further to the downside.