Moving toward the closing level from yesterday at 102.00

The USDJPY is trading at NY session highs at the 102.81 level.

The bulk of the pairs price action occurred in the Asian Pacific session. The pair moved sharply lower - continuing the price decline seen yesterday on the back of weaker US data.

The low for the day extended past the 61.8% retracement of the move up from the August 15 low (see 4-hour chart above). That level came in at the 101 34. The price low extended to 101.18 in the Asia-Pacific session before starting an up and down rebound.

The London and NY session saw more two way flows above and below the 100 bar MA on the 4 hour chart (blue line in the chart above at 101.559 currently). I cannot really say there was a rhyme or rhythm to the price action technically, although the lows tended to be higher and the highs also were a bit higher (see 5- minute chart below). The last move above the 100 bar MA on the 4-hour chart seems to have attracted more buying flows from traders (see chart below).

The pair remains below the close from yesterday at the 102.00 level. That is the next target for traders. A move into the black from the red, is always a welcomes sign but I would look for patient sellers on a test of that 102.00 level. Activity remains somewhat slow/lethargic though.