The USDJPY moved lower during the early Asian session, with some pressure coming from broad dollar selling after a Wall Street Journal article highlighted growing division within the Federal Reserve. However, that dip was quickly met with buying interest, as the pair found support at the rising 100-hour moving average (blue line on the chart above). That level held, keeping buyers in control and setting the stage for a rebound.
In the North American session, the price has extended to the upside. Taking a broader view of the 4-hour chart, key resistance looms near the 38.2% retracement of the decline from the 2025 high (set on January 10). That retracement level sits at 147.135, just below the weekly high of 147.175 reached yesterday. Also in play is a swing area between 147.01 and 147.338, which has acted as a ceiling in recent sessions.
A move above this resistance zone would open the door for a retest of the June high at 148.02, and potentially further toward the next swing area between 148.56 and 148.72.
The buying interest at the 100-hour moving average today was a key technical clue—stalling the downside and keeping the short-term bullish momentum alive. The next test will be whether buyers can sustain a break above the 38.2% retracement, which also capped price action earlier this week.
To maintain control, buyers need to break and stay above 147.135
