Having reached the high of 137.09, USD/JPY entered a strong technical correction and now trades below the 21 SMA (136.39). If it remains below this level, bearish acceleration is likely to happen.
A break of the uptrend channel formed since February 12 could mean a reversal and a move toward the 6/8 Murray at 134.37 which finally could stop around the 200 EMA at 133.60.
Above 136.60 there is the daily pivot point, USD/JPY could rise to the 8/8 Murray at 137.50. In case this scenario occurs, we should avoid selling.
