Price of USDJPY is also below 104.00 level
The USDJPY is lower on the day. It is not running. The low to high trading range is only 41 pips (vs 22 day average of 70 pips). So there is some apprehension in the move.
Nevertheless from a technical perspective, the price moved below its 61.8% retracement in the early Asian session, and stay below that level before heading lower into the European morning session. The low for the day reached 103.786. A lower trendline currently comes in at 103.76 and moving lower. A move below that line, would be more bearish and likely lead to more downside probing with 103.56 to 103.604 as the next targets followed by the lows from November 6 and November 9 down to 103.176.
Risk now would be a move back above the 61.8% retracement at 104.129 (and swing area topping at 104.153). Close risk might be at 104.02. That was a swing low going back to October 29. Today the initial Asian session low found buyers against that area before breaking lower. There was a spike above it in the early New York session, but that was quickly reversed.
