The USDJPY has spent the last four trading days rotating in a defined up-and-down range, reflecting a market that is consolidating rather than trending. The low for the move was established last Thursday, and since that time the pair has carved out a pattern of progressively higher lows. That subtle shift in structure suggests that buyers, while not yet dominant, are beginning to lean against the downside.

In today’s trading, price briefly dipped below a rising trend line on the hourly chart — a level that had been guiding the short-term recovery. However, the break lacked follow-through. Sellers were unable to generate sustained momentum below the line, and the failure quickly attracted buyers back into the market. That failed breakdown became a short-term catalyst. Once price reclaimed the 100-hour moving average at 153.127, upside momentum accelerated.

The pair is now pressing against the upper boundary of the four-day range at 153.734, a level that has repeatedly capped gains. Earlier today, price stalled against that ceiling. Notably, last Thursday saw two separate hourly highs rejected near that area, and Friday’s rally also topped out just beneath it at 153.66. The level is clearly defined and technically significant.

A decisive break and sustained move above 153.734 would shift the short-term bias more firmly in favor of buyers. Such a move would open the door for a run toward the 38.2% retracement of the broader February trading range at 154.32. Beyond that, additional resistance comes in near the falling 200-hour moving average at 154.506, followed closely by the 100-day moving average at 154.628.

The 100-day moving average carries particular weight. Last week, USDJPY fell below that level for the first time since January 30 — a meaningful technical development that shifted the broader tone more neutral to slightly bearish. It remains an important barometer for both institutional and shorter-term traders.

In short, while the pair remains near its February lows in the bigger picture, buyers are attempting to build short-term momentum. A sustained break above 153.734 would confirm that effort and increase the probability of a broader corrective recovery. Until that happens, the market remains range-bound, but upside pressure is beginning to build.

Summary / Bias

• Short-term bias: Modestly bullish

• Risk: A break back below the 100-hour moving average at 153.127 would tilt the bias back to neutral-to-bearish.

• Upside targets:

  • 154.32 (38.2% retracement of the February range)

  • 154.506 (200-hour moving average)

  • 154.628 (100-day moving average)

A move above 153.734 strengthens the bullish case. A move back below 153.127 weakens it.