Choppy price action
The USDJPY has had an up and down choppy day today. The low to high trading ranges is 51 pips. That is 58% of the normal range of 87 pips. There is room to roam on a break.
The low's today reached into the 108.40s with the low at 108.441. That took out some support at 108.63 (the low yesterday stalled at that level), but fell short of last week's low at 108.248 and the 2017 low at 108.12 (from April 2017).
We are now trading near the highs for the day. That rally has run into a broken trend line resistance level at the 108.92 level. The 38.2% of the move down from yesterday's high comes in at 108.97. A move above should open the door for an extension higher. Targets include 109.13. The 109.40 is near the low from Monday and the highs from August 28th. The 100 and 200 hour MAs are up at 109.545 area (that would be more of a stretch today).
Holding below the trend line (and sellers are leaning at the moment) could see a move back toward the lows. The close from yesterday comes in at 108.80. Keep an eye on 108.63 too. Get below that level and we could see a run toward the August low at 108.248 and the year's low at 108.12.
Right now the market is quiet as traders decide what the next move will be.