Swing high between 104.573 and 104.593. The 200 hour MA stalls the fall
The USDJPY has been mired in another up and down trading range with a bias more to the upside, but mostly gains have been retraced as well.
Looking at the hourly chart, the initial move what's to the upside (after basing near the 200 hour MA (green line), but stalled right near swing high area between 104.57 and 104.593.
On the downside in the North American session, the price moved back down to test the 200 hour moving average at 104.22 and the 50% retracement of the range in December at 104.206. The low price reached 104.219 and bounced back toward 104.43 (sort of between the levels).
The support and resistance levels have been defined. The price is higher on the day, but near the lows for the day. Traders are trading, but staying within the guardrails of the flows.