The USDJPY pair has been on a downward trajectory for weeks now.

Short setup on USDJPY

With the market bearing on for weeks, the price action seem to be going through some kind of a pull back but foresee a role reversal on the previous support around WM2. It is also worth noting that one needs to be mindful on the set of numbers coming out of US from Wednesday watch numbers on GDP, PCE (QoQ) as well as Yellen's testimoy on the economic outlook before the congressional Joint Economic Committee. Thursday there will PCE (MoM).

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