USDJPY has been pushing lower in the last few hours of trading, creating new session lows in the process. Technically, the price has moved below the 50% midpoint of the move down from the June 30 high. This level is at 141.149. The low price just reached 140,845.

Technically speaking, if the price stays below the 50% retracement level, the short-term bias is more to the downside. However, there is work to be done. More specifically, a break below the rising 100-hour moving average at 140.747 would be another target to reach and cross bearish bias. A move below this level and traders would be looking at the 38.2% retracement area near 140.224.