BULLS and BEARS testing/probing each others lines for weakness.
Look at the 240 time frame and it's just a FLAG and FLAGS generally break NORTH.
Below we have the 100SMA weekly at 114.50/60 +- which coincides with previous RESISTANCE turned SUPPORT through the first half of December (yellow block). This has been my target area in my last few posts on USDJPY and still remains legitimate and logical target for the moment. Traders do see what I see and this area will most likely be rigorously defended by the BULLS if it is reached. Todays 5 DaAvRa boundaries are marked accordingly and it's a whopping 168 points +/- from days H&L respectively.
The USDJPY has had a very good ride since Sept/Oct and it's natural for some profit taking and a pull back to VALUE before continuing. Trump is not surprisingly on the minds of traders too . . . he may have his followers but his attitude on a world platform is unnerving to say the least.
Intraday . . . swings and roundabouts and very tradeable but the major "make or break" of this FLAG will happen sooner or later . . . patience, patience.