The pair tried to break below the 100 hour moving average earlier, only to bind dip buyers.
The USDJPY is pressing back toward its 100 hour moving average (blue line in the chart above). The price had tested that level earlier today only to find buyers. The price rotated back to the upside. That rotation did stall near a swing area between 110.389 and 110.445 where sellers leaned and pushed the price back down.
A move below the 100 hour moving average would next target the low for the day at 110.11 followed by the 200 hour moving average at 110.03. Break below that and the door opens for further downside momentum. The low from Wednesday at 109.798 would be the next target.
Hold the 100 hour moving average and the battle continues between the resistance above between 110.357 and 110.446, and the rising 100 hour moving average at 110.189.