The USDJPY has fallen below its 100-hour moving average at 139.949 and close below that level over the last 2 hourly bars. The price of the pair last close below that moving average on May 12. The last cycle low was on May 3 at 133.492. The high price today reached 140.96 before rotating back to the downside. That's a move of about 743 pips in 18 trading days. Not a bad move.
The price low today reached 139.57. That level happens to be the 50% midpoint of the range since the 2022 high in October (see daily chart below).
With the 100-hour moving average above in the 50% retracement below, the battle is on between the buyers and sellers. If the 50% level is broken, traders would look toward the rising 200-hour moving average 139.133. If the price can get below, it would be the first since May 12 as well.