Repeating what we’ve mentioned in recent days; “the USDJPY has made a series of lower highs and lower lows since the August top at 110.65. Favor the downside as long as price is below 110.28 (price ideally remains below 109.72).”
Also, 3 month volatility is at a level that typically precedes rapid declines. The USDJPY has broken below the trendline that had contained price since the March low at 95.72. This is a strong bearish signal. Risk for bears is now at 109.17.