The USDJPY corrected lower earlier in the day and in doing so retested the broken trendline on the daily chart above. The buyers leaned in and drove the price up. They don’t give up the race any higher (or so it seems).
Looking at the 5 minute chart, today’s downward price correction took the price below the 100/200 bar MAs (blue and green lines in the chart below), but was able to rebound and s extend above these MAs in the US session.
These MA are close to convergence now at 118.13. Look at these levels as barometers for buyers and sellers. Go back below and the sellers could come back as they win the recent short-term battle (without making new highs (see chart below).
However, until then, the move back above the shorter-term MAs allows buyers to remain in control and sellers to fear the trend further.