The USDJPY is lower on the day (see hourly chart below), but the dip held support ahead of its 100 hour moving average (rising blue line currently at 105.295). The price has moved higher in the early New York session off that support. And trades back above the 61.8% retracement of the move down from the September 8 high at 105.466.
Traders will be watching the 105.537 to 105.600 area for more bullish clues. That area was a swing low from September 14 and September 15 before breaking lower and turning the level II resistance. Last week on Thursday and Friday the price tested the area only to find sellers leaning (see red numbered circles 5 and 6).
Later in the New York session on Friday the price was able to extend above the area. Earlier today, traders tried to extend higher as well, but those moves failed.
Getting back above and staying above would be needed for the buyers to take more control.
Support against the 100 hour moving average. Resistance up to 105.600. Buyers hold more control above the 100 hour MA, but there is upside work to be done.