USD/JPY has been bearish since March last year, when the markets turned against the USD. In total this pair lost around 9 cents form top to bottom at 102.50s. Moving averages have been doing a great job as resistance on the daily chart during this time, particularly the 50 SMA (yellow).

Although, it seems like the trend might be changing now after the reversal at the end of january, which took USD/JPY above the 50 daily SMA. Although, before the break of that moving average, the price found support at the 20 SMA (gray).

This moving average has turned into the ultimate support since then, holding during declines and pushing the price up. Last week we saw a decline in this pair but the price found support at the 20 SMA and yesterday it started reversing higher.