USDJPY dips below the 200 hour MA.
Moving deeper into the trading range
The USDJPY has move below the 200 hour MA (green line in the chart below). That MA comes in at 107.09. The price just dipped to a new low at 107.07. The next target comes in at 106.98-107.00. The 38.2% of the move up from the April low comes in at 106.98. The 107.00 is the high from back on March 27th.
The USDJPY has traded mostly in at 106.687 to 107.49 range since April 4th. There were dips below 106.687 and above the 107.49, but they were extremes that ran out of momentum. The move back toward 107.00 puts the pair back in the middle of the range.
If the price can stay below the 100 hour MA at 107.183 now, the bias will be more negative/bearish. .