The USDJPY looks toward the swing lows from last week

Trades at session lows

The USDJPY is trading at session lows. The pair whipped around during the BOJ decision (steady course). The high stalled ahead of the 111.20-22 area (swing highs on the hourly) and yes... fell back below the 100 and 200 hour MAs (blue and green lines). The tries above the 200 hour MA the last two days have failed (see red shaded areas). They were the first looks since January 10th. That is disappointing to the bulls/buyers.

The fall just took the price to a low of 110.33 and below a lower trend lines for the 2nd time today (the first came on the BOJ volatility). Those trend lines at the 110.646 area will now be close risk for shorts.

The next targets remain the swing lows from last week. at 110.32 and 110.186. The 61.8% of the move up from the September 2017 low comes in at 110.145. A move below that level should open the door for more downside (see daily chart below).