The pair is now back under pressure and we see additional weakness going forward.
Technically, the roll-over from 81,50 combined with overbought studies are pointing to a new test of 80,00 critical level.
USD/JPY: daily chart
We change our view on the USD/JPY which never managed to pick up steam despite a potential material base built on top of 80,00 tested several times.
We now look forward to seeing how the market participants will react on the 80,00 support. A break below this support will probably accelerate the decline with a next target at 79,00 (lower bollinger band).
Only a break above 81,50 would negate the downside pressure for a possible confirmation of a major shift in the trend.
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