Pres. Trump not a help
The USDJPY backed off as stocks in pre-market trading dipped (still positive) on comments from Trump in his interview with Fox (US might sue FB and Google, tariffs of 10% (not 25%) could be imposed on additional China exports). The comments from Mnuchin (90% of the deal complete) was dialed back (that was where they were before the breakdown).
Technically, the price (before comments) were having some trouble at the 50% retracement target at 107.745. Traders were leaning against the level with a high price of 107.75.
Stay below the 50% will keep have traders looking toward the 38.2% at 107.516. Earlier today, the price moved up to the 38.2%, and then cracked above the level on the Mnuchin comments on it's way to the 50% target.
On the topside, a break above the 50% would look toward the 200 hour MA at 107.839.
We trade in the middle of those two MAs at the moment.
Drilling the the 5 minute chart below, the 100 bar MA has shown a pattern of support. There are a number of tests and holds at the MA line (see blue numbered circles in the chart below).
That MA is currently at 107.555 (and moving higher). A move below will be eyed by the sellers/bears looking for more downside momentum (and the 50% holding above). Conversely, stay above and the buyers remain in full control and there could be another run higher with the 200 hour MA the target.
