Weaker employment data (Challenger, ADP and Initial Claims all weak) has the USD/JPY (NYSE:FXY) ticking further to the downside. The 200 day MA a the 78.60 level is being tested (green line above). This level should solicit a bid on the first test at least as risk can be easily defined and limited. A break below will look toward the 78.38 level (bottom channel trendline) as the next target/hurdle to get through. On corrections off the 200 day MA (should it hold) look for the 78.73-76 to cap the corrections.