An April 6 update titled USDJPY -Bearish break presents target of 106 talked about a bearish break from sideways channel and a possible drop to 106.00. Prices were at 110.00 then and now looks like we are half way through, given it is around 108.00. That call for an update. Here it is..
Short-term loss of momentum and possibility of profit taking ahead of the weekend could result in consolidation/minor corrective move to hourly 50-MA (currently seen at 109.56). however, doors remain opened for a drop to 106.00 especially if prices make an attempt at channel resistance at 110.22 and fail.
Bearish invalidation is seen only in case of daily close above 110.22 lvls.