The USD/JPY has been dropping substantially but at this point it seems that a dip might have found the support around L4/ATR low confluence at 108.36. At this point the pair is still in downtrend but watch for any signs of possible rejection around 108.70 as the rejection might form inverted head and shoulders where the bottom of the right shoulder could form a rally towards POC. The POC for short trades is 109.30-40 (D H4, W H3, Bearish order block) and rejection should target 108.70. H1 momentum below 108.60 aims for 108.35.
