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The currency pair has plunged as the USDX and the JP225 are facing their sell-offs in the short term. USD/JPY is trading at 106.36, the next downward target is seen at the 105.98 static resistance.
A USDX's bounce back, leg higher, from the 94.65 static support could attract the buyers on USD/JPY. The pair has got stuck in a range in the short term, so we need a strong signal before taking action.
USD/JPY is trapped between the upside 50% Fibonacci line and the median line (ML) of the descending pitchfork, but the 105.98 represents strong static support and it could stop the downside movement.
The price moves sideways between the Pivot Point (107.94) and the S1 (106.04) levels, a downside breakout will suggest selling, while a false breakdown 106.04 - 105.98 will announce another bullish momentum.
Buy a false breakdown with great separation, reversal pattern, below the 105.98 static support, and below the median line (ML). Besides, a valid breakout above the upside 50% Fibonacci line will bring a long opportunity with the target at the upper median line (UML) of the descending pitchfork.
If you want to sell USD/JPY, you should wait for a valid breakdown below the 105.98 and below the median line (ML) of the descending pitchfork, the target is seen at the inside sliding line (SL). A downside breakout from the current channel will announce a sharp drop, while the incapacity to close below the 105.98 will suggest a rebound.
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