The USDJPY has been moving up and down with more of a randomness to the trading technical patterns.
That is ok, as the news is also all over the place with Russia/Ukraine, central bank policy transitions, up and down economic data, high inflation , up and down stock markets, etc all pulling at the various markets and causing volatility.
Looking at the hourly chart above, the last four trading days has seen price action take the pair's price above and below both the 100 and 200 hour moving averages (blue and green lines).
Today the price action waffled above and below the higher 100 hour moving average at 115.659, before selling off in the early North American session and falling below its 200 hour moving average at 115.504 currently.
The price is trading right around that lower moving average level but has also traded above and below it during the last three hourly bars.
Yesterday, on Monday, and on Friday, the price traded above and below those moving averages as well.
What did get market reaction from a technical perspective was the downward sloping trendline connecting the high from Friday to the high from yesterday's trade. Today, swing highs did stall against that trendline on two separate occasions. Going forward a move above it should lead to upside market momentum.
On the downside, there is a lower trendline that cuts across near the 38.2% retracement of the 2022 trading range that comes in at 115.236. Move below both those levels in that should increase the bearish bias.
For now, the randomness is congruent with the up and flows of the news and the respective markets. Traders need to go with flow at least with this currency pair, and hope for a break with momentum when the time comes for a move away from the up and down randomness.