While its certainly not a pretty chart here for the USD/JPY in the 1-hour timeframe as the pair fell through an upward sloping support trendline, I think today's action is more a short-term correction than the start of a broader decline. With the pair now back testing both the 55-hour and 200-houly EMA's it could be a good place for USD/JPY longs to come back in. If not here, then the pivots around 104.20 and 104.10 provide some more support levels to monitor. We should also keep an eye on the S&P500 for general risk sentiment, and it has pared its gains from yesterday and may be settling into a sideways range for the moment. The same could be said about the USD/JPY and I would put the resistance for any range near the highs we had earlier in the week, at around 104.80. A break through the supports I listed however will make things interesting and it must mean that US equities are doing poorly, in which case we could see a further retracement, but at the moment that is a less likely scenario than a small rally and then sideways action.