Sellers are leaning. Can they push further?
The USDJPY moved up to test the 100 hour MA (blue line) and found sellers. Yesterday, that MA was broken in the NY afternoon session (FOMC minutes volatility), but the run higher failed and the price rotated lower. A lower trend line has formed from the price action today (higher lows). That trend line is being tested at 113.44.
A move below the trend line should solicit more selling. The 113.369 is the 38.2% retracement. Below that, another trend line and 200 hour MA (green line) cut across at 113.226.
Yesterday at the session lows, the 113.14-177 did a great job of stalling the fall. It will remain a level of importance on more weakness going forward.
100 hour MA above is a key barometer for bulls on the topside. If broken, look for stops and more buying (113.65-699 the next target).
On the downside a break below the trend line at 113.44 should solicit a change in bias more to the downside. There are lots of targets including 113.369 (38.2%), 200 hour MA and trend line (113.226) and a cluster of support at 113.14-177.