Trend line below on hourly did a good job of providing support
The USDJPY is only trading in a 19 pip range so far today. That compares to an average of 55 pips (so only 34% of the average range). That means there is room to roam on an extension.
Technically, the price action has seen up and down and up action. At the London low, the pair tried to crack below a trend line formed from the lows this week. Buyers came in. The price moved higher. A move below that trend line is risk for the longs. Other more bearish clues would be break below the 113.649 level.
Withe buyers showing more control, the swing highs and trend lines are targeted. They come in between 114.00 to 114.20.
Stocks opening now higher. Powell later today. The technical picture is bullish with risk levels defined.