Trades at new session low
The USDJPY only has a 33 pip trading range today which is low relatively. The pair is trading lower and in the process extended the range for the pre-NY session. Sellers are chopping away at the downside.
The technical catalyst for the move has been the sellers near the 100 hour MA. The price near the US close yesterday did pip above the MA line by about 3 pips, but backed off. In the new day, the pair could not muster any time (pips) above the MA line. The 200 hour MA is just a few pips away from the 100 hour MA. That level is solidifying as a line in the sand for the bears. Stay below is more bearish. Move above and I would expect the sellers to turn to buyers.
The price low just tested the 50% midpoint of the two day range at 108.138 (you have to start somewhere). It also tested a lower channel trend line. If the pair is to have a momentum move before the weekend — and it is to the downside — getting below the 108.138 level would be move in the bearish direction.