The USDJPY has continued the move to the downside today after and Asian session correction stalled near swing areas going back to December 27 through December 29 (see green numbered circles).
The subsequent move to the downside has seen the price move further away from the 50% retracement at 114.434, and down to a swing area between 114.20 and 114.288 (see red numbered circles). As I type, that breather near the swing area, is being breached. A new low for the day has just been reached at 114.17.
On the downside, the next target comes near the 61.8% retracement and the natural support at 113.984/114.00. That level also corresponds with a swing high going back to December 8, and a swing low going back to December 22 near 113.954.
Move below that area, and the pair is back within a consolidation range going back to November and December between 112.524 and 113.954 (see red box on the chart above).
With the price now moving away from the 50% midpoint, that level is now a close risk level (at 114.434) along with the 114.506 level.
