50% and 100 hour MA at 110.83-85 the next targets
The USDJPY is tripping back below the 200 hour MA and 38.2 % retracement level around the 111.00 area.
The fall is seeing more momentum on the break. Earlier today, the price fell below but could not muster much support for further selling.
The pair is approaching another cluster of support defined by 100 hour MA, underside of trend line and 50% retracement (see chart above). A break below is more bearish (between 110.83-86)..
There is some unconfirmed chatter that China has deploying troops to the the N. Korean border (Livesquawk is providing that color). That idea is that the action is putting pressure on yields, hurting stocks, gold is up about $2.30 now and leading to a fall in the USDJPY. That is the chatter. The problem with that story is that the US dollar tends to find a safe-haven bid somewhere among the pairs but we are not seeing a lot of dollar buying in any of the pairs. So treat the markets/story carefully.
PS the USDJPY has just moved below the aforementioned cluster at 11.083-85 without much of a fight. Sellers taking more control.