USDJPY H1 31-03

The pair is down to fresh lows on the day as the push and pull now starts to favour sellers a little bit more.

Of note, we are seeing a drop back below the 200-hour moving average (blue line) @ 121.68, which is seeing sellers seize back near-term control after a bit of a battle since trading yesterday.

There is minor support around 121.18-31 next but key support is seen closer to 120.00 with plenty of eyes also watching for support around that region towards 119.50.

The latest shave off the top comes as price hit the pivotal 125.00 target earlier in the week, with some technical exhaustion playing out now amid chatter of Japan fiscal year-end repatriation flows as well.