The USDJPY is feeling the pressure from weaker stocks (and lower yields). The major indices are implying much lower levels on the opening with the Dow down about -235 points. The S&P index is down about 23 points currently.
Looking at the hourly chart above, the pair has reversed lower after earlier gains (stocks were higher earlier before comments from Trump reverses that trend. The fall took the price back below its 200 hour moving average (green line at 109.10). More recently, the price has extended below its 200 day moving average at 108.871. Yesterday, the fall stalled just ahead of that key moving average and bounced higher. Stay below the 200 day moving average in the North American session will keep the bears more in control (risk for shorts now). The low just reached 108.71. We currently trade at 108.75.
Looking at the daily chart, a lower trend cuts across around the 108.50 level. That is near swing highs from September at 108.49 and from October 1 at 108.461. That may be the next target on the downside for the pair if the price can remain below its 200 day moving average.