As per an earlier post, the USDJPY was targeting the 38.2% retracement of the last move higher from the end of March low to the high price reached on Monday. That level comes in at 127.495 (call 127.50). The low price reached 127.508 and has since the a bounce back up above 128.00 area. The current price is trading at 128.15.
Helping the bounce was a reversal of the sharp declines seen in the US stocks. Although the major indices are now negative/near unchanged (Dow is down, NASDAQ is near unchanged). The NASDAQ was down as much as -255 points or -2.25%. The S&P was down -58.68 points or -1.49% at session lows