The worse than expected data has sent the USDJPY down sharply. The price has moved back below trendline support. It has also moved back to the R4 of the bigger move and the R3 of the intraday move at the 95.35 level – we are still inside the desert – so still caution for a move back to the upside. 96.50 will now become upside resistance. The 96.05 price is additonal upside resistance. Targets below are AFTER the break of the R3 intraday target: 94.83 is the armpit resistance, S4 is 94.43 and big target is 93.96 downside target level for the pair. As long as the price can maintain below the 95.82 (R2) , this level should be challenged.
