Lots of MAs in the vicinity
Technically, the USDJPY is about the 200 hour MA above at the 122.05. The 100 hour MA below at 121.35. and the 100 and 200 day MA (which are kissing each other) in between at 121.57. The current price is at the upper end of that range above the daily MA but below the 200 hour MA.
A break and run will be eyed today. Not sure if we get one before the FOMC (it could just be flows), but the pair has been more influenced by stock flows of late. The real deal will be after FOMC time though. Does the Fed pave the way for future rate rises? Are the tightening dovish.