Retests the 100/200 hour MA
The USDJPY has moved back toward support after the run higher in the Asian session ran into swing area resistance between 104.028 and 104.089. That area is home to a number of swing highs and lows going back to January 8th. The pair today could not get above despite trying on two separate attempts. The last high stalled against the low of the extreme and fell lower.
The pair has returned to retest the 200 and 100 hour MAs at 103.893 and 103.838 respectively. The low just reached between those levels at 103.853 and stalled on the first test. The area is a key barometer for the buyers and sellers today. Move below, and we could see a rotation back toward the day's lows. If the price holds support, another retest of the upside can be anticipated.