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USD/JPY should drop deeper if the USDX and Nikkei decline in the upcoming period. The pair has rebounded but this could be only a temporary increase before the currency pair resumes its sell-off.
The pair has increased only because the US dollar index has managed to recover after its most recent drop. Technically, the pair has printed a Head and Shoulders pattern which signals a potential further decline after the actual rebound.
USD/JPY has found temporary support at 104.34 level and now is trying to recover after the most recent aggressive drop. A rejection from the PP (104.92) or from the neckline could attract more sellers again.
The pair is trapped within an extended range, between 104.18 and 107.03 levels. The failure to approach the upside line signals a bearish pressure. Also, the breakdown from the ascending pitchfork has announced a deeper drop.
Sell a false breakout with great separation, bearish engulfing above the PP (104.92), or above the neckline. Also, a new lower low followed by a valid breakdown below 104.18 suggests selling as well.
On the other hand, a larger growth could be signaled by another higher high, jump above 106.10 level.
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