The USDJPY has moved lower and looks to retrace the move higher seen into the European session. The low for the day came in at 109.03 in the early Asian session. The low just reached just above that level at 109.036.
At the low, the pair tested the 100 hour moving average of 109.049 currently. The price currently trades at 109.15 as traders take profit against the moving average level. Recall from yesterday, the price did fall below the 100 hour moving average as well but quickly reversed. Today, the pattern is the same (just at a higher level). It will take a move below the 100 hour moving average with momentum to give sellers more confidence.
Until then, the traders are happy to lean against the area and look for a bounce.