105.51 to 106.34 the value area for the pair.
The USDJPY has range of 107.08 to 105.04 over the last 9 trading days. In between, from 105.51 to 106.345 is what I call the value area. Yes the price has traded above and below the level but the price returned to the “meat of the trading area”. In betwen that value area is the 200 and 100 hour MAs at 105.957 and 105.79.
Today, the price extended above the value area (topside yellow area) on a spike higher but came back below and restarted to use the 106.345 as resistance again. The price has moved back down toward the MAs.
So sellers area trying to put a lid on the pair and rotate lower. A move back below the 200 and 100 hour MA would give sellers more confidence. While a move above the 106.345 should see buyers make another run at taking the price higher (stay above is more bullish).