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USD/JPY Threatening Short-term Trendline

Last week, USD/JPY fell to 105.19 and then rebounded. This week, price rallied to 107.39 before sliding again. 

(USD/JPY 1H Chart 10/21)

We can see in the 1H chart that price has fallen back below the 200-, 100-, and 50-hour simple moving averages (SMAs). The 1H RSI has fallen below 40, which reflects loss of the prevailing bullish momentum. 

If price falls below 106.35, it would clear below last week's rising trendline, and below the hourly SMAs. This would expose the 105.19 low for this week. If price comes back up, we should expect sellers in the 106.75-107 area.

If price pops back above 107, the bearish outlook should be shelved.