The USDJPY is taking a breather today with a 60 pip trading range. That is about half of the oversized 122 average over the last 22 trading days (about a month of trading days).
The price action has been down, up, down and back up again. Looking at the hourly chart above, the lowest low tested a swing low from yesterday at 129.69. The high could not reach the most recent high from yesterday at 130.34 (the high today reached 130.285).
The ups and downs over the last few days has allowed for the 100 hour MA to catch up to the price (see blue line). The price of the USDJPY fell below that MA line earlier today, but has since moved back above the line. That MA comes in at 130.019.
The price action is indicative of a market waiting for the next shove. With the FOMC decision 24 or so hours from now, that shove may not come until 2 PM ET tomorrow.
In the meantime, look for support near 129.59 (38.2% of the last move higher) and the old swing high going back to April 20 at 129.39. The 200 hour MA and 50% are near 129.088.
On the topside there is resistance at 130.34, 130.49 (high from yesterday) .There is not much above that level until the swing high from last week (and 20 year high for the pair) at 131.246.