The Canterbury Bulldogs stand-off was criticised in Australian media after touching Aidan Sezer as the Canberra Raiders half-back fed a scrum.
"We're good mates and it was just a bit of a joke. I hope no harm done," Reynolds said on social media.
Sezer confirmed they "go back a long way and we were just having a laugh".
The incident has been compared to one in 2001 involving John Hopoate, who was found guilty of inserting his finger into the bottoms of three opposition players and banned for 12 weeks.
Josh Reynolds has played down an incident in which he touched the bottom of an opposition player in a National Rugby League game in Australia.