Triple top. Trades in 76 pip range.
The USDJPY has been trading up and down over the last 2+days. The range is 76 pips. The high today basically matched the highs from Tuesday (or within a few pips). As a result, there is a triple top in place.
Currently we are trading at the session lows and taking out out a trend line at the 113.77 level. The low from yesterday reached 113.609. The 38.2% AND the 100 hour MA both come in at 113.495. That is another support target below that should attract buyers (blue line in the chart above). With both technical levels lining up at the same level, look for dip buyers to lean against int on a test.
US stock trading is off to a shaky start with the S&P down -0.54% and the Nasdaq down -0.57%. The US 10 year yield is down fractionally (-0.7 bp) at 2.4050% (high reached 2.421%). The 200 day MA on the 10 year is at 2.4150% area. So there is some reluctance perhaps against the MA level. If yields start to fall further, that would help to weaken the USDJPY toward the support level and we can see from there.