Forex technical analysis: USDJPY reaches the "next target"

Reaches 38.2% retracement target at 123.41

In an earlier post, I spoke on how support was providing support at the 123.78-80 area.  I was also watching the 123.97-07 for sellers. The sellers showed up and the support, stopped providing support (i.e, there was a break of the 123.78 level and it stayed broken). 

The run lower has now reached  the next target at the 38.2% of the move up from the July low at the 123.415.  That is the next hurdle for the shorts but understand that there may be some dip/profit taking buyers with stops below first.