Bounced near 61.8% on the daily chart earlier in the day
The USDJPY fell in early Asia-Pacific trading but could not make it through the 61.8% retracement of the move up from the September 2017 low at 110.145. The low for the day came in at 110.186 - just 4 pips from the target.
Buyers entered and the price has moved up to a late Asian session high at 110.92. That was just short of the 100 hour MA at 110.96 (at the time). So the low got within 4 pips of the 61.8%, and the high got within 4 pips of the 100 hour MA resistance level on the topside.
The price has been consolidating through most of the European, and currently trades at 110.68. The 100 hour MA (blue line in the chart below) comes in at 110.887 currently. That remains a key ceiling that traders are looking at overhead. Stay below gives the sellers comfort. A move above today, would be something new - going back to January 9th (when the MA was broken and the price started its fall).
Drilling to the 5-minute chart below, the consolidation has seen the price come down 38.2% of the move higher at 110.643. The 200 bar MA on the 5-minute chart is currently up a that level now. A key intraday support level. Holding will give the buyers more confidence for another run at the overhead 100 hour MA.
