Pair trades between 100 and 200 hour MA

The USDJPY has dipped marginally after the weaker US housing data, but is recovering already.

Pair trades between 100 and 200 hour MA

The pair has seen traders respect the 200 hour MA above (green line at 108.34) and the 100 hour MA below (blue line at 108.127 currently). The "market" is looking for a shove above or below those technical levels for the next directional clue.