The USDJPY chops around in up and down trading today. There is no discernible trend today. What I can say technically is that the two peaks on the hourly chart has stayed below its 100 hour moving average currently at 110.756 (so a bearish bias).
Looking to the high yesterday, it stalled at the high from Friday (red numbered circles). Looking at the highs from last week, there was a double top (green numbered circles).
So there have been a slow move lower with resistance targets holding at lower levels (the last being the 100 hour MA).
Now.... on the recent downside, the low from Friday and Monday stalled in a swing area between 110.474 and 110.525. The low today in the Asian session fell below that level and failed.
As I type the price is rebreaking that lowerswing area. Sellers are making a play, but will now need to stay below that area (and the 200 hour MA at 110.57).
The next downside target is not far away at the 50% retracement of the move up from the June 21 low. That level comes in at 110.410. Getting below that level would be another step in the bearish direction.
Summary: Sellers are making a play, but they are "slowing playing" their hand. Nevertheless if the price canstay below the lower swing area (and the 200 hour MA at 110.57) and then get below the 50% retracement, that bearish hand playing may speed up a bit.