USD/JPY is in an overall uptrend ( in the short period) during this month the pair dropped around 250 points.
The expectation is for the price to move down till a support level.
Weekly chart shows a long term tunnel in which the price ranges from 114 to 104.
A breakout to the upside is certainly possible.
On the daily chart the possible scenario is described.
I think the price will move down to the nearest strong support level.
But i do not excl…