Repeating what we’ve mentioned in recent days; “the USDJPY has made a series of lower highs and lower lows since the August top at 110.65.  Favor the downside as long as price is below 110.28 (price ideally remains below 109.72).” 

Also, 3 month volatility is at a level that typically precedes rapid declines.  The USDJPY has broken below the trendline that had contained price since the March low at 95.72.  This is a strong bearish signal.  Risk for bears is now at 109.17.