Lower channel trendline is also in play
The USDJPY has dipped to a new session low at 105.466. That low was just above its 200 hour moving average at 105.460. The price broke below its 100 hour moving average to get there. That is currently at 105.561.
The 100 and 200 hour moving averages are promised for the bulls and bears. Hold support and the price can rotate back higher. Break below, and sellers have wrestled control back from the buyers hundred. Below the 200 hour moving average since the declining lower trendline currently at 105.37. Note that earlier in the Asian session both the 200 hour moving average and channel trendline were at the same level, and buyers stepped in.
The move higher today stalled ahead of its topside channel trendline. That kept the sellers in play.
Overall, the move lower from the Monday high has corrected between the 38.2 and 50% retracement. Plain-vanilla. However, the move to the upside on Monday stalled ahead of what was an old floor between 106.629 and 106.705. So it highlights the battle between the buyers and the sellers. Until the price can break below the aforementioned support levels, anything can really happen from here.