Lots of support int eh 108.33-45 area
The USDJPY fell below the 100 hour moving average at 109.038 and a upward sloping trendline. The combination put sellers more control and the pair just ran down to test the 50% retracement at 108.456 and the 200 day moving average at 108.388. The low for the day just reached 108.415 and quickly bounce back up to 108.70 currently.
Technical weakness and stops being triggered contribute to the fall. Yields have also moved lower with the 30 year giving up gains. The 5 year yield is now down to 3 basis points, the 10 year yield is down to basis points and the 30 year yield is near unchanged after being higher earlier.