The USD/JPY is fluctuating, currently testing the 100-hour moving average on the upside.

On Friday, the USD/JPY pair found solid support right at the 50% Fibonacci retracement level of the move from the September low to the October high, located at 149.377. Price action validated this level with a bounce from the session’s low.

Following that rebound, the pair rallied above the declining 100-hour moving average, now positioned at 150.82. However, bullish momentum faded shortly after the breakout, leading to a pullback where price found fresh support near the 38.2% retracement level at 150.296.

The market has now formed a clear technical standoff. The pair has retested the falling 100-hour MA, which currently serves as immediate resistance. The key levels to watch are:

• Resistance: 100-hour MA at 150.82. A sustained break above this level would confirm renewed bullish momentum and signal a potential continuation of the broader uptrend.
• Support: 38.2% Fibonacci retracement at 150.296. A confirmed move below this point would hand control back to sellers and invalidate the recent rebound.

Overall, the pair is consolidating within a narrow range, signaling a pivotal decision point — the outcome of this struggle around the 100-hour MA is likely to define the short-term direction.