USDJPY has been trading in a downward trend recently. The price bounced off the upper limit of the 1:1 structure, and pulled back below the key resistance area (106.00), confirming that sellers are in advantage. However, looking at the H4 interval, we can see that the decline was halted at the local support at 105.265. As long as the price sits above it, the upward correction move looks possible. A break below, on the other hand, would pave the way for declines towards lows at 104.30. Macro data from the US that will be published today (NFP report at 1:30 pm BST) could be a trigger for a bigger market move.
USDJPY H4 interval. Source: xStation5