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USD/JPY is trading at 108.66 level and it seems a little oversold. It is trading right above critical support levels, so a rebound is favored in the short term.
The pair could turn to the upside if the USDX and JP225 will jump higher after the temporary retreats. Technically, USD/JPY's decline was expected after the amazing upside momentum. The bias remains bullish, so it could start increasing soon again.
The Japanese Trade Balance and Revised Industrial Production have come in better than expected but the Yen failed to resume its appreciation as the Nikkei could jump higher anytime.
The greenback could take full control again as the US inflation and retails sales data have beaten expectations. Also, the Unemployment Claims have dropped unexpectedly lower.
USD/JPY is trading in the red at 108.58 level at the time of writing and it could reach the weekly S1 (108.30) and the ascending pitchfork's median line (ML) soon. The 108.18 level is seen as strong support as well.
It remains to see how the pair will react around these levels. A reversal pattern or a false breakdown with great separation may bring new long opportunities. USD/JPY will drop further if the JP225 and USDX will drop further in the coming days.
A false breakdown with great separation through S1, 108.16, and below the ascending pitchfork's median line (ML) could bring a long opportunity with an upside target at the descending pitchfork's upper median line (uml).
On the other hand, a valid breakdown below the S2 (107.88) could validate more declines ahead.
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