Tests 38.2% retracement
The USDJPY has fallen below the 200 hour MA at 107.41. That has tilted more of the bias to the downside (at least intraday). However, getting below the 38.2% of the move up from the June 23rd low at 107.359 is another level to get and stay below. That is the minimum correction target from a retracement standpoint to get below IF sellers are to take more control.
In the NY session, the price did rise to retest the 100 hour MA (blue line) but found sellers near the level (the high reached 107.589 with the MA at 107.575 (at the time).
