The 114.44-54 level stalls the pair at the top today.
The USDJPY fell in early trading (at the day openings) on the back of a flight into the safety of the JPY after the Italian referendum. As the market shrugged off the election, the pair started to increase (stocks also rebounded).
Technically, the low price rebounded off the 200 hour MA and the trend line (see chart below)
The rally took the price to the 114.44-54 area. That area corresponds with the highs from mid March (see chart below). The high from mid February comes in at 114.86. The high last week stalled at 114.82. The high today reached 114.467. Sellers seem to be leaning against the March high area (at least on the first looK).
We are trading around the 114.18 level now (we dipped to 114.02 as I typed but back up. The dip just seen took the price below the 100 bar MA on the 5-minute chart but it quickly rebounded (see 5-minute chart below). The low stalled near the lower channel trend line (bull flag -see chart below). A price move above the upper trend line will be eyed now. A break above will have traders thinking 114-44-54. That remains a key level to get to and through. I broken, the 114.82-86 becomes the target.
If the price cannot break higher, support will be eyed at the lower trend line on the 5- minute and below that the 100 hour MA at 113.67 (and rising) is a MA line to eye for support. It is near the 50% retracement of the day's range.