If closes lower, it would be 8 straight days…
The USDJPY peaked on March 10 at 115.50. Since then the price has been down 9 out of 10 days (if close lower today) and 8 straight (if closes down). The low just reached 110.62. ON the way down, the 100 day MA was broken at 113.06 and the price has ratcheted down since that break. The 50% of the move up from the August 2016 low comes in at 109.08. The 200 day MA comes in at 108.09. Of note today, is the high at 111.57 stalled just ahead of the swing lows from February at 111.58. That may have gave the sellers the reason to sell. It is now a close risk level for sellers. Get above that line and sellers lose a battle to the dip buyers.