The USDJPY has been finding support near the 200 hour moving average (green line in the chart below) and the 38.2% retracement of the July trading range. Both technical levels, near 110.05.
The price in the London morning session did cracked below both levels only to rebound by the next hourly bar.
The current break is the 2nd try. Can the sellers stay below 110.051? That is the close risk now for sellers. Sellers are now in control.
Stay below, and the next target would be down toward the 109.798 which was the low price from last Wednesday. Below that, and traders will look toward the 100 day moving average at 109.544.
Housing data from Case Shiller will be released at the top of the hour along with IMF forecast for global growth.