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USD/JPY drops at the time of writing signaling strong sellers. The rate dropped below the immediate uptrend line announcing a downside reversal in the short term. The pair drops as the US Dollar Index accelerates its sell-off.
DXY's (USDX) deeper drop signals that the USD should depreciate further versus its rivals. Technically, the pair moves in range, a downside breakout signals a corrective phase. Some poor US data reported during the week may weaken the greenback.
You should know that USD/JPY drops only because the DXY plunges. The Yen depreciates versus the other major currencies as the Nikkei (JP225) increases.
USD/JPY ignored the uptrend line and now it approaches the weekly S1 (108.49) level. Its failure to come back above the weekly pivot of 108.99 signaled strong selling pressure.
The 108.33 is seen as critical support, a valid breakdown may activate a sharp drop. USD/USD moves in range on the H4 chart, so a downside breakout from this pattern could confirm a bearish reversal.
Buy USD/JPY only if it jumps and stabilizes above the weekly pivot (108.99) and use the upper median line (uml) of the descending pitchfork as a major upside target.
It is risky to sell the pair as long as the price stays above the S1 (108.49). Only a valid breakdown through 108.33 may signal a strong sell-off towards 107.00.
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