The USDJPY remains mostly between swing levels over the last 2 trading days between 123.508 and 124.035. The low today did dip below the lower extreme to 123.46 but quickly rebounded between the swing levels. The current price is trading at 123.92 after just reaching a high for the day at 123.998 (call it 124.00).
Traders will continue to look for the next shove outside of the current range.
The consolidation is allowing the 100 hour MA to catch up to the price. That moving average for the USDJPY is currently at 123.191. That is still a ways away from the current price at 123.96, but it is getting closer.
The 200 hour moving average (green line) is moving more slowly and is currently at 122.888 (and moving higher). The price on Tuesday based against the 200 hour moving average before moving higher.
On a move above 124.035, the swing high from March 29 at 124.293 will be the next target followed by the extreme high from the recent move higher in March which saw the price for the USDJPY top out at 125.093.