MAs ahead at 108.898 to 108.95
The USDJPY gapped lower over the weekend and in the process, moved below the 108.602 to 108.62. The low reached 108.57 in early illiquid trading and bounced.
The subsequent high stalled near a topside trend line and returned back to the low swing area. Buyers came in again and the price has once again returned to the trend line (now at 108.86 (and moving lower). So far, the price is holding the trendline. A move above would run into the 200 hour MA (green line) and the 100 hour moving average (blue line) at 108.898 and 108.949 respectively.
On Friday in the New York session, the high price stalled against the 100 hour moving average. Getting and staying above is needed to increase the bullish bias.
For now, the aforementioned trendline resistance is putting a lid on the pair at the risk defining level. The buyers need to prove they have the power to get and stay above the level.