The price consolidates below 38.2%/recent swing area
The USDJPY is trading midrange after the Asian/early European sessions run higher stalled just ahead of the 200 hour MA (green line in the chart below). Sellers leaned (the 100 hour MA was near that level as well).
The price has rotated back down and in the process fell below the swing low from May 3, the swing low from Friday’s trade before the jobs report between 108.89 and 108.933. Today, the price moved up into that area and backed off before breaking higher toward the 200 hour MA.
The price is also fallen below the 38.2% retracement of the move up from the April 23 low at 108.844. The price over the last 7 hourly bars, has used that level as a ceiling. Stay below keeps appears more control
So, if the sellers can stay below the 38.2% retracement (and more conservatively the swing area up to 108.933), the next downside target comes at the 50% midpoint of the range since April 23 at 108.582, followed by the 108.453 and the low from Friday at 108.33. That is near the 61.8% retracement at 108.32.