The fall in the USDJPY has been helped by lower global stocks and a ceiling yesterday against a topside trend line that just could not be broken (see chart below). The fall today was also helped technically, by falls below trend lines, the 100 hour MA (blue line), and 200 hour MA (green line). Each crack below the levels added to the bearishness.
The 200 hour MA is now resistance (risk for shorts). The 111.93-985 is a swing area that has attracted a lot of support going back over the last 9 trading days. A move below will look toward the 111.617 low from last week.
If the 200 hour MA is broken above, that may solicit some short covering, but would need a reversal in the stock market.