The Dukascopy research team has abandoned the idea to map the USD/JPY with a short term pattern. The reason for the decision is that the US Dollar is too volatile against the Japanese Yen. The volatility is largely caused by politics and monetary policy.
However, the larger scale descending trend has been confirmed and one can observe that the rate is going lower and lower. Although, the currency pair does make stops near various pivot point levels.
By taking that into account, we expect the pair to next decline down to the 105.17 level where the next support is located at.
