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USD/JPY finds some buyers around technical level

A little earlier this morning, the USD/JPY tested the noted 21 day moving average several times, but essentially that price point seems to have capped the downside for the time being. That was in place at 149.63 and the official low so far has been set at 149.61. So, give or take a pip or two, that moving average seems to have arrested the downside for the time being and now it has rebounded somewhat. Of course the acid test for the dollar will most likely be what emerges from that US PCE report this afternoon. The USD/JPY is currently trading at 149.78

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