The USD/JPY pair is trading below its downward trend line on a 4 hour time frame. This confirms that the trend is towards the downside and as long as the price stays below this trend line, the trend stays toward the downside. The volatility of the pair is high as it has pierced the Bollinger band and it is also trading away from its 20 day moving average. The piercing of the Bollinger band does have a major importance when this takes place at an important level of support because it has the ability to push the price up or at least halt the current sell off.
However, the RSI is still trading inline with the price action which mean as the price is making the lower low, the momentum indicator is confirming that. Therefore, the current trend could continue.
120.62-120.85 major support
121.36- 121.65 minor support
123.51-123.74 minor resistance
124.52-124.73 major resistance