At the time of writing, the USDJPY pair was trading flat at around 108.30, but it was down from its overnight highs reached earlier in the day.
The pair is now breaking below the strong support of 108.40, which might accelerate the bearish momentum. Considering the greenback has been rising nonstop since mid-February, it was overbought and due for a correction.
The next target for bears could be at 108.00, and if this level is broken to the downside, further decline toward 107 could occur, where the 50% Fibo level is located.
Alternatively, if bulls reemerge and the bullish pressure reappears, the pair needs to get back above 108.40 to stabilize, with another target near 108.90.