The USDJPY is trading lower on CPI relief. Stocks (risk on) are higher but yields are back toward unchanged on the day after being higher earlier.
Looking at the hourly chart, the price has moved back below its 100 hour moving average at 113.555, but does remain above its 200 hour moving average at 113.327. That 200 hour moving average initially held support during yesterday's trade, dipped below it and failed quickly later in the day. Today, the 200 hour moving average held support again (see green numbered circles). So, traders are paying attention to that technical level.
From a technical perspective, the price is within a neutral area. There is bearishness below the 100 hour moving average, but the holding of the 200 hour moving average earlier today and staying above that level currently, gives the longs/buyers some thing to lean against as well.
Having said that, the buyers did have their shot back above the 38.2% retracement of the range since November 24 at 113.666. The high price stalled near the swing high from Tuesday's trade at 113.773. Yesterday the price try to move back above that level only to fail.
The inability to stay above the 38.2% retracement or get above and stay above the 113.773 and make a run toward the swing highs from November 29 and Wednesday's trade near 113.954, does tilt the bias little more in the direction of the sellers currently.
Of note is the pair this week had a high near the high from November 29. That created a double top.
Last Friday (December 3), the low stalled 3 pips from the Nov 30 low. That created a double bottom.
So the pair has defined the range with a double top and double bottom between 113.954 and 112.524 respectively. Between is the MAs. The 200 hour MA is acting as the mid range barometer for the buyers and sellers.
