The USDJPY moved lower today and in the process traded to the lowest level since September 21. The low price reached 104.108. That level also moved between the July 31 low at 104.18 and the September 21 low at 103.995. The current price is back above that swing area trading at 104.27. Can the price remain above that swing area? The dip buyers are leaning with that hope (with stops likely on a break below)
Drilling to the hourly chart, the move down from Monday's high has the 38.2% retracement at 104.467. That is also near the swing low from October 22 at the same level. A downward sloping trendline is also moving toward that area on the hourly chart. If the price can stay below that level, the sellers remain in control. Move above and the waters get more muddy, and the dip buyers from the daily chart, breathe a little easier too.