USD/JPY price action is a tell that the market is still feeling indecisive
For the past week, any topside move in the pair is limited by resistance just above the 108.00 handle with minor resistance around 107.80-87 also playing some part in keeping buyers in-check during the course of the week.
Meanwhile, price action continues to be largely centered around the key hourly moving averages with the movement we are seeing today basically exemplifying that sentiment.
To the downside, there is some support around 107.30 that is helping to keep sellers from retesting the key support nearer to 107.00; with the near-term trendline developing even helping to provide buyers with an area to lean on yesterday near 107.38.
Essentially, the pair is largely waiting for a key breakout and the next big trade would be to go with where that break will be. For now, the indecisive tones are what is playing out: