200 and 100 hour MAs
The USDJPY rallied on the back of BOJ rumblings of more easing. That is the news.
Now the price has moved back lower by traders and the price is looking to test support against the 200 hour MA, the 38.2-50% retracement of the move higher and the rising 100 hour MA. Stay above and the story line and technical bias remains positive. On a move below, the BOJ may be saying one thing but the market/traders will be saying another thing.
