The JPY is the weakest of the major currencies now, helped by a decline in the USDJPY which yesterday stalled at the high from January 11. Today, the price has been stepping lower. In the US morning session, a further move to the downside, has seen the price move below a swing area between 131.297 and 131.567 and down to a low of 131.11. That was near the swing high from January 24 which was tested on Friday (on the run higher after the US jobs report). Yesterday, the price gapped above that level to start the week.
Today, the gap was filled. The high from January 24 was tested. The USDJPY price is bouncing.
The price is back into the swing area between 131.297 and 131.567. With Powell ahead, that area will be the wide barometer for the pair. Move above 131.567 is a tilt more in the bulls direction. Move below and then below the 38.2% and we could see more momentum toward the 50% and the rising 100 hour MA at 130.48 area. .