Sellers remain in control
The USDJPY fell below swing lows from September and October near the 104.00 level earlier today. That break has been maintained (was a close risk level for shorts) as the price consolidated in the NY session. The pair is now breaking to new session lows. The price is currently trading at 103.473, as the pair moves further away from the risk level at 104.00.
The next major target comes in at the 103.066 level which is the swing low going back to March 12, 2020.