Massive break lower in USD/JPY was well telegraphed on the charts and it looks like there is more to come. The short-term range is between 116.50/119.50 and I favour playing the edges of this with a bearish bias.
Medium-term top pickers will undoubtedly start booking their 800/1000 pips near 115 so I would be careful about being overly short as we approach that level.
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