The USDJPY moved up to test the hourly MAs (100 and 200 hour MAs) and found sellers on the first look. The 200 hour MA currently comes in at 104.604. The 100 hour MA comes in at 104.632. The high price just reached 104.617.
Traders leaning against the levels will want to see the price remain below. Move above, and we should see more upside probing. The 50% retracement of the move down from the October 20 high comes in at 104.88 and above that the 61.8% at 105.083. There was a swing high against that level in trading today.
On the downside, get below the 104.464 is a victory (low of a swing area). Below that 104.33 followed by a lower swing area between 104.107 to 104.153.