The USDJPY opened the day above its 100/200 hour MAs (blue and green lines). The price broke below those MAs near the end of the London session, and stayed below and moved lower into the NY afternoon session as selling intensified.
The pair has moved down to test a swing area between 114.83 to 114.759. There are a number of swing levels near that area. The price fell below the area back on February 21 and again on February 24, but each break rotated back above the area with 12-15 hours after breaking lower.
Helping the move lower today has been a steady move lower in yields. The US 10 year yield is at 1.8336%. That is down around 15 basis points on the day now. Yields are also sharply lower across the entire yield curve with 2 and 5 years both also down by 15 basis points.