The USDJPY is trading at new session lows at 109.79. That has taken the pair closer to the 100 hour MA at 109.762. The price has not been below the 100 horu MA since January 8.
Below that MA is a more important area. The 109.675 to 109.723 has been home to a number of swing highs going back to December 2 (see yellow area and red numbered circles in the chart above). That old ceiling, became a floor after breaking above on Monday. A move back below the area, however, will shift the technical bias back to the downside on the failure of the break above the ceiling.
Given the strong and spread out ceiling, I would expect buyers to lean against the area on a test. However, on a break be on the lookout for momentum to the downside.
Stocks are trading back toward the premarket lows before the official opening at 9:30 AM ET. Yields are also lower with the 10 year down nearly 3 basis points at 1.781%. Weakness in yields and stocks tends to lead to moves lower in the USDJPY (if they get some steam behind the moves).
There is "good news" ahead with the signing of the phase 1 of the US/China trade deal. However, it is not anything new.