Buyers have more control but buyers and sellers are battling it out
The USDJPY is stuck in a 30 pip trading range today after jobless claims and PPI failed to break the pair higher or lower.
Looking at the hourly chart, although the price action is choppy up and down within that 30 pip trading range, the support held above a swing area between 109.417 and 109.48. The low has been around the 109.480 level. As long as the price can remain above that area, the bias will remain tilted toward the buyers (with stops on a break below).
Having said that, the upside momentum is a bit disappointing. The price moved above the high from May 3 at 109.693 on a number of hourly bars, but could not sustain momentum (the high reached 109.780 in the Asian session and lower in the European session). That is a bit disappointing and sellers against 109.693 are not totally off base as a trade.
The tilt is to the upside nevertheless but get above 109.693 and stay above is still needed.
PS Looking at the daily chart, the swing high going back to June 2020 peaked at 109.856. That too may be in play for sellers looking for a top. Be aware.