USD/JPY price action is basically a reflection of the indecision in the risk mood this week as traders continue to grapple with concerns surrounding the coronavirus outbreak.
The pair remains near the 109.00 handle with the 100-day MA (red line) helping to provide support for any move to the downside over the past few sessions.
Meanwhile, looking at the near-term chart:
The slight rebound earlier today failed to breach the 100-hour MA (red line) and that continues to limit any potential upside move in the near-term for now.
Looking ahead today, traders will have to still deal with the risk mood but have to be wary not just about coronavirus concerns but also key tech earnings and the Fed meeting.
Ultimately, the technical bias shows that price action is now caught in the middle and buyers and sellers will have to work something out eventually.
To the upside, buyers needs to get above the 100-hour MA @ 109.19 and try to look towards a move to test 109.50-60 next.
Meanwhile, to the downside, sellers need to try and drive price below resistance around 108.73-80 with the 100-day MA resting @ 108.74. Further support is seen closer to the 200-day MA @ 108.47 with bids said to be lined up around 108.50 as well.