The USDJPY buyers had a shot late yesterday and early today, when the price briefly moved above its 100 hour moving average and swing area between 133.505 and 133.652. The high price reached 133.82 and 133.78 at respective highs, but momentum could not be sustained. In the early Asian session, the price stalled right near the 100 hour moving average and moved lower. Buyers turned to sellers.
The subsequent move to the downside has seen the price retrace nearly all the gains from yesterday. The low price yesterday reached 131.709. The low price just got within a 10 pips of that at 131.804. The price is back trading near 132.00. On the downside a break below 131.709 will have traders looking toward 131.30 up to 131.567 (swing area).
Looking at the daily chart, there is a wide swing area between 131.246 and 132.02 (see red number circles on the chart below).The price has moved back into that swing area. Will buyers show up in this area? A move below would increase the bearish bias.