USD/JPY got rejected at a very significant level of Fibonacci confluence, namely the 38.2% retracement from 98.787 to 118.662 and the 61.8% retracement level from 114.737 to 104.641. If this weeks candle closes near to where it is now, a bearish trend continuation seems inevitable.
The first trade opportunity presents itself when price closes below 108.112, targeting 104.641. Then, if price closes below 104.641 the AB=CD projection of 101.05 will be the next target.
Therefore, keep an eye on where price closes this week, but from the looks of it USD/JPY seems to be heading down further over the long term.
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