The USDJPY is stuck in a narrow trading range between support and resistance targets. More specifically a channel has done a fairly good job of keeping the pair contained (with a downward bias). Also in play are the 100 and 200 hour moving averages (blue and green lines).
Looking at the hourly chart above, the 200 hour moving average (green line in the chart above) currently at 105.411 has seen little breaks in the European session, but momentum has faded quickly.
On the topside, the high in the London morning session stalled ahead of its 100 hour moving average (blue line currently at 105.762) and near a topside channel trendline (currently at 105.61).
The price is stuck between the 200 hour moving average at 105.41 and the topside trend line at 105.61. A shove in either direction should see further momentum in the direction of the break.
Stocks are opening with modest declines in the major indices. The 4 day up streak is in jeopardy for the Dow and S&P as is the 6 day streak in the NASDAQ. The NASDAQ index closed at record highs once again yesterday. The S&P index was about 2% from its all-time high at the close yesterday