As the North American session comes to a close and the Asian-Pacific trading day begins, key technical levels in USDJPY are starting to converge.On the downside, the 100-hour moving average comes in at 161.627. Earlier today, the pair briefly dipped below that moving average for the first time since June 17, but buyers quickly stepped back in and pushed the price higher. The sellers had their opportunity to seize control—they missed.On the topside, the pair reached a high of 161.94, just one pip shy of the July 3, 2024 high of 161.95. That level also marked the highest price since late December 1986. In other words, today's high came within a whisker of setting a new nearly 40-year high.As the new trading day begins, traders will be focused on these two key levels. The 100-hour moving average at 161.627 remains an important barometer for the short-term bias. Although today's break below the moving average failed, that doesn't mean future attempts will meet the same fate. A move below and sustained trading under the level would give sellers a stronger foothold.On the topside, the 161.95 high cannot be ignored. A break above that level would put the pair at its highest level since 1986 and should invite additional upside momentum. It could also trigger stop-loss buying, potentially leading to a quick acceleration higher. This article was written by Greg Michalowski at investinglive.com.