Stocks go negative but bouncing a little now
The USDJPY tested the days lows as the US stock market was reaching its new day lows (S&P low reached 1932.92 - currently trading at 1942.50). The low for the day came in the early Asia-Pacific session at the 117.42 level. The low just printed 117.44. The price has quickly rebounded to the 117.72 level as stocks also are rebounded. The pair is following the moves of stocks. Get used to it.
Technically, the pair is testing the underside of the old channel trend line at the 117.81 level. A move above is ok, but the real level to get and stay above if a bottom is forming is not until 118.22 area. That is where lows and highs over the last three days are found.