USDJPY below the 100 hour moving average/tests swing area
The price action is modest, but the USDJPY has moved away from its 100 hour moving average at 115.82 (Step 1 for the sellers), and looks to test the floor established over the last three trading days (Step 2). That floor is between 115.616 and 115.643. The low price just reached 115.663.
Move below that swing area and traders will start to target the rising 200 hour moving average at 115.421 (Step 3). The price has not traded below its 200 day moving average since December 21.
Sellers are making a play below the 100 hour moving average but that work to do. A move back above the 100 hour moving average would negate the short-term bearish tilt.