I spoke about the USDJPY in an earlier post as it was mired in a 37 pip trading range and just moving below the upward sloping trend line. The price was not doing much, but got the shove that was needed and has pushed lower.
The first key was for the price to break below the lower swing extreme at 104.028. It has continued with a move toward the next target at the 100 hour MA at 103.869. That is breaking now. See earlier post here for the details.
With the price breaking below that MA - and old swing levels at the 103.885 level - the next target comes in at the 38.2% of the move up from the low last week at 103.702. Below that the swing low from Friday comes in at 103.598.
Seller took charge. Sellers are now continuing the push.
PS the range is now up to 55 pips on the day. The 22-day average is 53 pips. The start of the day the range was less than half that at 23 pips.