The USDJPY is higher on the day, on hopes for a resolution of the Russia/Ukraine border issue (and more risk on flows), but the gains are somewhat limited. The high for the day at 115.706 was lower than the high from yesterday indicative of some geopolitical skepticism. The high yesterday reached 115.74.
The move higher has moved to a swing area between 115.61 and 115.679. That area had done a good job of separating the extreme area for the 2022 year up to the highs at 116.33 (from both January 4 and February 10), from the lower bulk of the trading in 2022 below 115.616.
Both yesterday and today, the price has tried to extend above that area, but has seen limited upside momentum. The 100 hour moving average is also in that area and there has been price action above and below that risk/bias defining level yesterday and today the.
So buyers are trying to push the price higher but are nevertheless finding some sellers and/or running out of buying steam.
It may be that markets are skeptical of any near term solution to the Russia/Ukraine situation. The price is near mid range of the move down from Thursday's high to the low seen on Friday and again yesterday (that midpoint comes in at 115.67).