Falling toward swing levels
The USDJPY is falling to a swing area defined by 111.27-304. The pair is building off of a more negative technical bias helped by the fall below the 100 hour MA and the 200 day MA. They come in at 111.47-50 above (blue and green overlay line). Staying below those levels is more bearish and after the earlier break, the price has been able to keep a lid on the pair against those levels. The MAs remain a risk defining level for the pair.
On the downside, should sellers be able to crack the swing floor, the 200 hour MA area at 111.142 (and moving higher) will be eyed as the next target. Also near that MA is the swing high from April 1 at 111.18.
SUMMARY: Sellers took earlier control on the move below the MAs. The next target is being tested in the progressive corrective move lower with the 200 hour MA another key target for that progression.