The USDJPY traded below its 100 day moving average (blue overlaid line currently at 109.577 on the chart below) on Thursday on its way to a low for the week on Friday at 1.09354.
The price then rebounded back above the 100 day MA in the North American session on Friday, and stayed above until three or so hours ago. Note: the high prices on Friday and again today was able to stay below their falling 100 hour MA. That did help to keep the sellers more in control from that technical perspective.
The move back below the 100 day moving average at 109.577 is a further tilt into the negative/bearish territory for the pair. Stay below is more bearish.
On the downside, the low from Friday at 109.354 was just above the swing low going back to July 20 at 109.326. The swing low from the month of July came in at 109.06 back on July 19. Those are downward targets on further downside momentum.
Should the fall below the 100 day moving average prove temporary once again, traders would restart the trading idea of cracking above the 100 hour moving average currently at 109.737. Since early Tuesday, the price action has been mostly below that 100 hour moving average moving average level (there was one close above the MA line on Wednesday and 3 total bars where the price traded above the line). A move above the falling moving average level, would help tilt the bias more to the upside with 109.907 swing high from Thursday, and the 200 hour moving average at 110.00 as the next upside target