Falls below the low from yesterday
Admittedly, the USDJPY trading range was only 23 pips before the data at 8:30 AM ET, and the ranges up to 31 pips, the pair is running to new session lows in the pair and running further away from its 100 hour moving average at 109.499 (blue line in the chart below). Sellers are taking more control. The price is also moved below the low price from yesterday's trade at 109.392 (see green numbered circles).
The 100 hour moving average is now a risk level for sellers. Stay below is more bearish.
On the downside the 38.2% retracement of the move up from last Friday's low comes in at 109.223. Just below that is a swing low from last Monday at 109.201. The low for the week was in the 1st hour of trading at 109.178. All those are targets along with the rising 200 hour moving average at 109.142.
For the week the range is a very narrow 53 pips. That all occurred on Monday. So there is room to roam if the market gets enough of a shove. The high price on Tuesday, and again today, stalled ahead of the high price for the week at 109.70. Each came in around the 109.67 level (red numbered circles). Failure to move above the week's high in the Asian session today gave sellers the go-ahead to push the price back to the downside.
Sellers more in control but still near the middle of the week's narrow trading range.