The USDJPY moved sharply lower today, driven by renewed concerns over potential Bank of Japan intervention as the pair pushed above the 160.00 level. That warning was enough to trigger aggressive selling.The decline stalled just ahead of a key technical target—the 61.8% retracement of the move up from the February 12 low. That level comes in at 155.50, with the low reaching 155.57 before buyers stepped in and the pair bounced higher.On the corrective move higher, the USDJPY ran into resistance near a confluence zone between 157.25 and 157.50—where the 100-day moving average and the broken 38.2% retracement converge. Sellers leaned against that area, keeping a lid on the recovery. Importantly, the earlier session low has not been retested, leaving that level as a key downside target.Meanwhile, the EURUSD moved higher in sympathy with the broader USD selling. The gains were more measured compared to USDJPY, but technically more constructive.The pair pushed to new session highs into the close and, importantly, extended above the 200-hour moving average at 1.1717. That level had previously acted as a ceiling on April 22 and again on April 26. Breaking and holding above it tilts the bias back in favor of the buyers.Going forward:Stay above 1.1717 (200-hour MA): keeps buyers in control and targets 1.1754 (weekly high), followed by 1.1790, and then the swing area at 1.1823–1.1836.A move toward the April high at 1.1848 would be the next upside extension on stronger momentum.What would shift the bias back lower?A move back below 1.1717, followed by a break of the 100-hour and 100-day MAs near 1.1708.Falling below those levels would disappoint buyers and likely lead to a rotation back to the downside. This article was written by Greg Michalowski at investinglive.com.