The USDPJY yesterday fell for the third day in a row, and in the process made it to the 50% midpoint of the move up from the May 11 low. That level comes in at 109.061. The low yesterday reached 109.068 and went into a consolidation mode above that midpoint level, and mostly below the 100 hour MA (blue line in the chart above).
Today, the price was able to push below the midpoint level, and it tilted the pair's bias more to the downside (down for the 4th day in a row). The price action has been confined, however, with a number of ups and downs with 108.82 below and the 50% midpoint at 109.06 above.
That is how the new day will begin. It will take a move back above the 50% and the 200 hour MA nearby at 109.093 to ruin the bears play.
On the downside, getting and staying below the 108.828, will have traders looking toward the intraday swing low at 108.654. Below that and the 108.421 toe 108.453 would be targeted followed by the low s in May at 108.34 area..
Stay below 109.06-09 for a more bearish bias going forward.